Democratic deficit as eurozone battles Italy’s debt woes
It’s not very democratic, but “pooled sovereignty” is the order of the day as eurozone leaders wrestle to contain the Italian debt crisis. Political editor Gary Gibbon reports.
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The eurozone was flawed from the beginning according to Jacques Delors, one of the architects of the single currency. He says that efforts to tackle its problems have so far been too little too late.
Germany’s leader Angela Merkel wants a new treaty and a “fiscal union” to save the eurozone from collapse, but new rules in Europe could see David Cameron face a backbench revolt.
Germany sees extremely poor demand for a new bond sale suggesting that confidence in the eurozone’s ability to pull through its debt crisis is starting to threaten even Berlin.
There have been more obituaries written for Italy’s Silvio Berlusconi over the years than he has had affairs. So how, despite the scandals, did he cling on for so long?
As Germany says the European Central Bank does not have “unlimited firepower” to come to the aid of indebted countries, an economist tells Channel 4 News it must do.
It’s not very democratic, but “pooled sovereignty” is the order of the day as eurozone leaders wrestle to contain the Italian debt crisis. Political editor Gary Gibbon reports.
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Reports that Italian Prime Minister Silvio Berlusconi has agreed to resign in the next three months are denied by his office.
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MPs reject a call for a referendum on Europe – but rebels voting against the government have dealt Prime Minister David Cameron a major blow to his authority.
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