“As Europe’s debt crisis intensifies, top officials say the continent urgently needs a central authority with the financial muscle to fix its broken banks.” (Source: Business Week)

The flight forward for EU leaders: a "banking union". Finally full recognition that THIS European "Union" has always been a Europe for capital, never for labour and citizens. As long as things went well, we got the crumbs from the tables of the rich, now they send us back to the poor houses and debtors’ prisons.

In the end, this Europe will end up on the ash piles of history. Then it will be time for Project Phoenix Europe.