The euro crisis: A delicate proposal | The Economist: "HOW TO resolve the euro’s woes? Angela Merkel says Germany will not agree to pool sovereign debt or share banking liabilities with other countries until there is greater political union. François Hollande says France cannot accept the loss of sovereignty without greater solidarity. So today Herman Van Rompuy, the president of the European Council (who chairs European summits), issued a report that tries to split the difference: there should be both joint liabilities and more European-level control of national policies.
Drafted with three others—José Manuel Barroso, president of the European Commission, Mario Draghi, president of the European Central Bank, and Jean-Claude Juncker, president of the Eurogroup (made up of finance ministers of the euro zone)—the report is thus a delicate piece of diplomacy at a time of sharp differences between Germany and France; indeed between Germany and many of the euro zone’s biggest countries."
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