Today’s Le Figaro writes that Merkel and Sarkozy are drawing up an emergency plan for a Super Euro Club to be discussed in the EU meeting of December 9 and to be implemented
as early as January February 2012. The plan may envisage new “intrusive” powers to the European Commission and the EU Council, possibly to veto national budgets and imposing “structural” reforms, in exchange for more “solidarity” measures (such as Eurobonds?). In order to avoid reforming EU treaties, the plan may be signed on bilateral basis, similarly to the Schengen treaty, and allow decision to be taken with “supermajority” (2/3 of votes) rather than the paralyzing present unanimity.. What is really puzzling is that, according to the french newspaper, the new stability pact should be limited to “first speed” countries enjoying a triple-A rating (Germany, France, Austria, Netherlands, Finland, Luxembourg). Too bad that the evidence supports the view that no EU country may soon be left with such a rating…