Whatever the British government wants, moves are now afoot on the Continent to address
some of the structural problem with the Euro. They may in the end lead to some form of fiscal federalism.
So far they are not supported by Angela Merkel, the key decision-maker, who worries constantly about the court in Karlsruhe, which has set clear limits on further European integration. But they are said to be supported, at least in part, by Finance Minister Wolfgang Shauble.
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Writing in the Financial Times, Frank-Walter Steinmeier and Peer Steinbrück argue that the EU needs “a more radical, targeted effort to end the current uncertainty, and provide stronger support for the future of Europe’s common institutions. This must also protect the European Central Bank from becoming Europe’s “bad bank”, and ensuring its credibility and independence in guarding a strong euro.
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