December 1, 2011
The shape of the grand plan that European Union leaders hope to agree in Brussels next week to stem the eurozone’s debt crisis is increasingly clear.
Leading players in the negotiations – Angela Merkel, German chancellor, Nicolas Sarkozy, French president, Mario Monti, Italian prime minister, and Mario Draghi, his compatriot at the head of the European Central Bank, plus Herman Van Rompuy, the European Council president in Brussels – seem to be singing from the same song-sheet.
Essential details, however, are still the subject of intense negotiations that could run right up to the EU summit on December 9, not just between France and Germany, but with the European Commission – the EU executive – and smaller member states.
The deal involves accelerated agreement on what Mr Draghi described on Thursday in the European parliament as a “fiscal compact” between the 17 eurozone members to enforce much stricter budget discipline and debt control throughout the monetary union.
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