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As a consequence any country's request to proceed according to the weaker deficit rules of the European treaty would mean that the stricter rules according to the intergovernmental treaty cannot be applied.

I frankly don't see things getting even that far. Multiple national constitutional courts are going to rubbish this in the constitutional-suit-equivalent of a New York minute either on sovereignty grounds or lack of democratic legitimation.

Or maybe both.

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman

by dvx (dvx.clt št gmail dotcom) on Tue Dec 13th, 2011 at 05:07:09 AM EST

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