07.12.2011 - 21:21 [ Guardian ]

Sarkozy and Merkel unveil two-speed EU plan to shore up euro

Senior EU diplomats said Van Rompuy‘s gambit, only conjured up in the past 72 hours, was gaining momentum as it would facilitate swifter action and avoid acrimonious negotiations, parliamentary ratifications, and possible risky referendums in Ireland and Austria. But a senior German official dismissed the proposal as a „typical Brussels box of tricks“ that would not pass muster with Merkel. Hinting at a showdown at Thursday‘s summit, the German official said many of the governments inside and outside the eurozone failed to appreciate „the seriousness of the situation“.