Why treaty changes won’t help

Merkonti (Merkel, Sarkozy and Monti) announced at the press conference following their mini-summit today that they are in favour of small treaty changes to take steps towards fiscal integration. We don’t know exactly what these treaty changes will consist of, though Merkel and Sarkozy have promised to propose some in advance of the December 9th EU summit. It seems likely the treaty changes will include automatic sanctions for fiscal rule-breaking. Will this help stem the crisis? Most certainly

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