I remember at one of the first regional UKIP events I attended in 2007 standing up and telling Malcolm Wood who was chairing the event that the Euro would inevitably disintegrate unless there was a political union to back it. This was a minority view then but is now probably the majority view. The second leader in today's DT is entitled, "An ever weaker union" and writes of growing europhile concern that the Euro is unsustainable. It makes the point that the Euro was conceived in the good times but the test would come in bad times and that time has now come. Or, as Warren Buffet puts it, "When the tide goes out you find out who has been swimming naked".
Germany has the strongest economy in the EU but they have made it clear, most recently in a speech by their former foreign minister at the LSE on Tuesday, that they do not intend to bail out the PIGS.
The other part of the leader deals with Barroso and the Commission's desire for a pan-European financial regulatory system asap. I explained yesterday what a disaster this would be for the UK. In the words of the former Home Office permanent secretary we would be f*cked.
The Telegraph run this story in their Business section as well under the headline "Europeans seek oversight for financial regulation" based on a report to the EU commission by, you've guessed it, a former Governor of the Banque de France one M de Larosiere. He waffles on about a choice between 'chacun por soi' or 'enhanced pragmatic sensible cooperation'. I have never known the Banque de France not put French interests first! Perhaps la vie en rose is not quite as rosy in Paris these days.
However as the DT journalist notes countries have been very reluctant to give up regulatory control of their financial system. I bet our dear saviour of the world, St Gordon of Dunfunkle, is amongst the first to volunteer to give away this, one of the last vestiges of our sovereignty, to the EU to secure his next lucrative job on the international stage like Tony