Germany and France are widely reported to be talking about a radical overhaul of the EU moving towards a more integrated eurozone. Unfortunately they are not saying the same thing.
Germany denied plans to reduce the eurozone, saying it wanted the eurozone in its entirety". But France's president has talked openly of a "two-speed Europe" which is at odds with this view.
Change does not signify the end of Europe, it has changed before. The original loose alliance of a dozen members interested in a single market is now changed to 27 plus a variety of relationships including the free trade area, the union and a common currency These have to be managed in the light of the new information we have that the current approach does not work so why are we surprised it is the right thing to do
There are as yet no detailed plan but French President Nicolas Sarkozy makes no secret that he thinks that allowing Greece to join the euro was an error. Furthermore when talking about the continued enlargement of the EU, he said: "There are 27 of us. " down the line... there will be 32, 33, 34 of us. " "Clearly," he added, "there will be a two-speed Europe: one speed that moves toward more integration in the eurozone and one speed for a confederation in the EU."
UK Deputy Prime Minister Nick Clegg said a big split in the EU must be avoided while tackling the debt crisis. In a speech in Brussels, he spoke out against the emergence of a two-speed Europe. The focus, he said, should be on growth and competitiveness.
What is at stake here is the future shape of the Union. One size fits all, two speed or swim lane. But whatever they are going to do they need to do it fast. As far as this Monkey is concerned Europe is heading for a recession if it does not act soon. What is required is a quick step towards a decisive resolution.
CM (:-(|)
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