Franco-German Letter to EU Council President Von Rompuy

The farce continues, the full text is linked here. The urgency is best reflected from this quote:

We will accelerate the setting of the permanent intergovernmental European Stability Mechanism which should be effective in 2012 to better address any future threats to the stability of the Eurozone as a whole, including through the risk of contagion for other Euro area Member States, thus assisting them in situations of emergency.

In order to maximize the efficiency of the ESM and its capacity to take decisions, specific super majority rules (85 % of signed ECB-Capital) should be implemented.

See my earlier posting, immediately beneath this, on the lack of any substance behind the ECB (all member states could walk away from its commitments tomorrow) to fully comprehend the futility of what is here being attempted.

The ECB is built as a house of straw!