"The recently-agreed European Financial Stability Facility is not the answer. It is just another in a series of sticking-plasters that allows the ECB to buy the bonds of debtor nations to keep them solvent.
All these sticking-plasters are designed in the belief that the wound will not become yet more gaping: but it always does.
The alternative is the massive surrender of sovereignty to Germany by the rest of the Eurozone that would allow the economic policy of Greece, Ireland and Portugal to be made in Berlin.
That would reassure the markets, but it would also remove any pretence of democracy in those 16 countries: for once you have lost control of your economy, you have lost your sovereignty.
Every spending department in every government in the Eurozone would have its policy made in the old capital of Prussia.
And if the people did not like their governments being left with fewer powers than a county council, that would be tough. The alternative is ruin.
Where Hitler failed by military means to conquer Europe, modern Germans are succeeding through trade and financial discipline. Welcome to the Fourth Reich."
Indeed. Where have you been the last 20 years?....