Les marchés financiers qui sont responsables des déséquilibres au sein de la zone euro.

Surely a typo for "the financial markets are not responsible for the imbalances within the eurozone".

The Greens | European Free Alliance in the European Parliament - - EU summit and Eurozone crisis

European heads of state and government, at today's EU summit, agreed on a minimalist treaty change to allow the creation of a permanent stability mechanism. The Greens stressed that the permenet crisis mechanism will not be enough to get Europe out of the crisis. Greens/EFA co-president Rebecca Harms, who attended EU summit, said:

"Today's summit, under pressure from a blinkered German chancellor, has simply kicked the can down the road again and failed to offer a definitive and urgent response to the Eurozone crisis. Instead of grasping the nettle and agreeing to the far-reaching solidarity measures that are urgently needed to shore up the Eurozone and deter the circling pack of speculators, EU leaders have agreed to a more minimalist treaty change.

"While the Greens support the creation of a permanent and legally certain stability mechanism, the changes agreed today are not enough to get Europe out of the crisis. With the very survival of the Euro at stake, we need urgent measures to prevent the contagion from spiralling totally out of control. Against this background it is dumbfounding that chancellor Merkel continues to resist the logical call for Eurobonds to buttress the Eurozone, as well as increasing the crisis funds available.

"Clearly, in order to permanently stabilise the Euro, member states need to commit to a meaningful common economic policy. The declaration of good intentions made at the summit have to be quickly followed by deeds.

"The grotesque decision by Moody's rating agency to downgrade Ireland's credit rating by five grades has underlined the thin ice on which the Eurozone remains. Decisive action is needed to address these agencies and their arbitrary decisions."

But not this piece in Le Monde and Süddeutsche Zeitung, which looks like an intiative on the authors' part.

However, the Greens/ALE briefing I referred to in C-B calls a spade a spade had the two Co-Chairs, Daniel Cohn-Bendit and Rebecca Harms, seated side by side as D C-B said the Greens/ALE were going to push the word that the Irish case proved the failure of neoliberalism. Which they did not go on to push...

France and Germany have a major responsibility. Will our current leaders have the stature?

The Greens | European Free Alliance in the European Parliament: EU Budget freeze

This budgetary coup has very little to do with fiscal responsibility and owes far more to the populist whims of Cameron, Sarkozy and Merkel. Giving in to these populist whims, risks undermining popular support for the EU at a time when it was never more necessary, notably in the context of the solidarity measures needed to shore up the Eurozone.

Might they be talking about mobile capital? Taxing cross-border capital flows to fund not national budgets but the federal budget? The Tobin tax?

Both the French and German version (though worded and broken into paragraphs differently) continue by mentioning the tax on financial transactions (that is the Tobin Tax) as one possibility.

_{*Lunatic*, n.
One whose delusions are out of fashion.}

But I am glad to see explicit critiques of the glaring faults of the GSP, the "Grotesque Suicide Pact", and of the structural problems and need for social solidarity. But the way it is phrased will be incomprehensible to most citizens, most likely, except French will likely "get" that it is the German's fault.

"It is not necessary to have hope in order to persevere."

VoxEU: E-bonds: Europe's own subprime teaser rates

The E-bonds proposal is a brilliant piece of economic reengineering in favour of the Eurozone creditor countries - especially Germany and France. It is understandable and rational that the creditor nations should seek to improve the negotiating terms in preparation for all-but-certain sovereign defaults by the "peripheral" countries (Eichengreen 2010b).

• It is warranted and necessary that the Eurozone puts in place some orderly process for sovereign debt restructuring (Weder di Mauro and Zettelmeyer 2010, Eichengreen 2010b),
• The E-bonds proposal seems to be an important component of such a mechanism.
• It is also possible that the E-bonds are a first step in a long-term process towards fiscal and political union as argued by German Finance Minister Wolfgang Schäuble. 

Nonetheless, the ends do not justify the means.

• This E-bonds proposal is somewhat similar to the US subprime's "pick-a-payment" Adjustable-Rate Mortgage low teaser rates.
• It offers "peripheral" countries the option of picking a slightly lower E-bonds interest rate now, with much higher costs later on.

It runs counter to the principles of the Trichet proposal "Towards a Code of Good Conduct on Sovereign Debt Re-Negotiation" (Banque de France 2003).

It is a type of non-cooperative behaviour by creditor nations that invites tit-for-tat retaliation by debtor nations. Instead, Game Theory suggests that cooperative behaviour would result in higher total welfare outcomes. Therefore, let us hope that reason and mutual respect prevail.