The Euro Union was born without the necessary economic, legislative and executive power given by the countries that support it.
The Parliament and European institutions are empty. Speculative attacks are directed against a currency that is not representative of a uniform situation. It is not an expression of a Confederation, like the U.S. or Switzerland. There is no certainty that the weaker Countries, with high debt and poor growth, have the financial Community means to support them adequately. In the past years, every Country was not able to stay within the Stability Pacts, there was laxity and failure to punish States who most have wasted resources. The ECB can not act as lender of last resort, that means it can not possibly print money or devalue it, to lighten the positions of debtor Countries, as could instead do the FED. There is also no possibility to control and act directly on the PIIGS budeget under attack. Italy has been the guinea-pig and have raised controversy for the ECB letter to our former government, shouting at meddling of EU into national affairs. Then the government lost its majority and had to resign and everyone understood that if Italy fails, there would be problems for others, including Germany, and the implosion of the Euro. If there is not a joint regulation how could exist a single currency? Everyone will have to sacrifice something to save the Union. The adoption of Eurobonds in partial or total replacement of the sigle nations bonds (to an unfavorable interest rate for Germany but favorable for all other coutries)would be the price that Germans would have to pay to avoid Eurozone failure (and their well!: with a return to mark at the highest rate there would be a vertical fall of German exports to the Eurozone, one of the most important voice of the growth of these years).Chancellor Mrs.Merkel will be able to convince her voters to drink this bitter cup perhaps only at one condition: if at the same time Europe will adopt common laws in theme of fiscal harmony and strictness for the pubblic budgets among the Euro Countries, giving to European Uninon the effective power of supranational control with possible penalties on budgets of the States through a series of constraints that countries defaulting could not escape. It is clear that Italy, Greece, Spain, Portugal and Ireland etc.. are not already in a strong position: they can only choose between a default or an increasing transfer of sovereignty. This last is the only chance left to keep Europe going collectively and democratically regulated. This should not be seen as a punitive intent in advance but as a community effort in the interest of all.It is much better then a suspension from Euro that someone fears: it irreparably harm anyone who should be subjected to. In this case Italian citizens will come out very impoverished, even and especially in their private wealth, one of the economic italian strengths universally recognized. It is hoped that new Italian PM Mr.Monti,in mission Brussels and Strasbourg this week, could give a valuable contribution to take the less painful path for everyone. The sad thing is that Italian political parties do not openly support the "dirty job" that Monti government should do in his next policy moves, just because of their past inability and reluctance in doing surgically cuts to the many privileges present at all levels into Public Administration and in fighting tax evasion and undeclared work. This will be the only way to not frustrate any new request of taxes to Italian people.