Germany's constitutional court has ruled that "open-ended" and "automatic" liablities violate the country's Basic Law. So only the Germans can save monetary union, yet the Germans cannot legally do so. Europe's crisis has reached an impasse, the result of the original design flaws of EMU.
http://www.telegraph.co.uk/finance/financialcrisis/8895207/Latin-showdown-with-Germany-over-ECB.html
Friday, 18 November 2011
Posted by Britannia Radio at 11:45