What's the problem with such a treaty? Could be done within the Eurozone or would it have to include all 27 member states? The idea obviously would require a new treaty of some sort.
a full-scale negotiation of the EU's 27 member states would be needed to set up a European Monetary Fund, which would be able to bail out eurozone members subject to strict budgetary conditions. "Without treaty change we cannot found such a fund," Ms Merkel told foreign correspondents in Berlin on Monday. Any new Europe-wide treaty risks being hugely divisive so soon after the lengthy and painful ratification of the Lisbon treaty, which was initially rejected by a referendum in Ireland and only came into effect in December. Paris and Berlin were struggling to come up with a common line on the German initiative and the question of the need for treaty change has exposed differences between them. French officials welcomed the proposal for an EMF in principle, but warned it would probably require an overhaul of existing treaties, for which there is no desire in Paris. They see it as a long-term project.
a full-scale negotiation of the EU's 27 member states would be needed to set up a European Monetary Fund, which would be able to bail out eurozone members subject to strict budgetary conditions. "Without treaty change we cannot found such a fund," Ms Merkel told foreign correspondents in Berlin on Monday.
Any new Europe-wide treaty risks being hugely divisive so soon after the lengthy and painful ratification of the Lisbon treaty, which was initially rejected by a referendum in Ireland and only came into effect in December.
Paris and Berlin were struggling to come up with a common line on the German initiative and the question of the need for treaty change has exposed differences between them.
French officials welcomed the proposal for an EMF in principle, but warned it would probably require an overhaul of existing treaties, for which there is no desire in Paris. They see it as a long-term project.
From the FT article (not by Munchau) referenced by Eurointelligence.
