Quick Friday morning update: 25 of 27 member states sign off on a new treaty "designed to prevent the 17 members of the eurozone from living beyond their means and avoid a repeat of the region's crippling debt crisis." http://money.msn.com/business-news/article.aspx?feed=AP&Date=20120302&ID=14851984
However, Eurozone members delayed paying half of the most recent Greek bailout amid concerns that the Greek government would not be able to implement all of the austerity measures needed to reduce debt: http://www.kurat.com/links/eurozone-delays-half-of-greeces-funds-ftcom?&stream=greek-crisis-0
From the BBC: http://www.bbc.co.uk/news/world-europe-17219379
David Cameron pushes for changes to communique: http://www.guardian.co.uk/business/2012/mar/02/eu-summit-david-cameron-britain-voice-heard?newsfeed=true
Barroso pleased with outcome - press release: http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/12/146
Spain will miss deficit target: http://www.boston.com/business/articles/2012/03/02/spain_says_it_will_miss_2012_deficit_target/
It sounds like you're among the Euroskeptics! I know we differ on the big picture of integration theory. I see this as just one more crisis that will inevitably force the EU to choose deeper and more binding institutionalization and supranationalism. Every time the EU (or the Euro) is written off, it's because the high-stakes game of chicken between, say, Merkel and Greece (echoes of De Gaulle and the Empty Chair Crisis!), rattles the markets with doomsday talk. But all the doomsday talk is meaningless posturing. When it comes down to it, Greece will not be allowed to default and the Germans will do what it takes to save the Euro. The interdependence is too deep and complex now - there's no going back. As you've heard, European integration is like a bicycle. It must go forward to stand up. The fiscal treaty is the exact sort of economic governance that everyone said the Euro needed all along, but nobody was ready for until their hands were tied. I compare it to the debt ceiling standoff here last Summer, though in that case the game of chicken was more economically destructive, and the resulting institutions for third party delegation (supercommittee, automatic "triggers") were weaker and more pathetic than anything the EU has done. The American system of government can learn a lot from the EU, believe it or not! :-)
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