Europe's Tower of Babel hampers euro solution
Germany, France, Italy and Spain, the euro area's four biggest economies, are wrestling over proposals for a banking union, joint euro zone bonds and handing (surrendering?) more control over national budgets and economic policy to the European Union. However, the EU faces conflicts between and among its member states, and separate, often fierce, national debates within each state, each of which has the power to block any change to EU treaties, including 10 countries which are not members of the currency.
Can such a diverse group of nations/states pull it together - and avoid further deterioration of individual and aggregate economies?