''..As a quid pro quo, which such deals invariably are, I would ask Germany for more than just a bigger EFSF. Sylvie Goulard, a French liberal member of the European parliament, made the point last week that if Ms Merkel talks about competitiveness, others should have the right to talk about a eurozone bond. I agree. It is surely not an attractive proposition for, say Spain, to have labour laws coming from Berlin, a currency from Frankfurt, but debts remaining in Spain.
I am not sure which crisis Ms Merkel’s resolution mechanism is going to resolve. The one I have been observing for the past year will carry on.''
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