20 years too late ...

How long have I been saying (when I bore you with European economics) that in order for the Euro concept to work, there has to be a unified monetary policy across all of the member states? Seems that's sunk in, finally.

European leaders have drafted a radical plan to turn the 17 countries of the eurozone into a full-fledged political federation within a decade in an attempt to placate the financial markets by demonstrating a political will to save the single currency in the medium-term.

The incendiary proposals for a banking, fiscal, and economic unions resulting in a “political union” are to be debated at an EU summit on Thursday and Friday. Following two bad-tempered meetings of European leaders in Mexico and Rome over the past week, the Brussels summit looks likely to see major clashes over the future of Europe as well as the immediate crisis surrounding sovereign debt, bad banks, and the euro’s survival.

...

The Germans will never go for it, but at least some of them realize they made a gigantic mistake by not insisting on it when the Eurozone was formed.