As I said a couple of days ago I really was not that worried about the future of the Euro.
Under the plan, the EFSF will be enlarged to €440bn (£382bn). It will also be given the ability to give "precautionary loans" to struggling European countries, buy EU government debt, and provide funding to shore up the capital reserves of European banks.
Much to the chagrin of the Anglo-Americans once Europe's economic powerhouse decides which way to go the rest will follow [10 of the 17 have already done so], Sarkozy wont even have to raise a finger. The vote for the motion was really quite impressive and was a personal triumph for Angela Merkel after many Anglo-American papers saying the vote would be sooooo close; well if a 528 to 85 vote for the motion is close I would say their analysis was spot on.
Now the real challenge in the Eurozone is that this fund is used wisely and not just to enrich the bankers, but the people devastated by the ongoing recession.
As I said Europe works acrimoniously and slowly, it's like getting the 50 States to agree on one policy but we are half way there.
Whether we wanted the Euro [I didn't] or not, it is now a fact of life and is part of our common future. 329 million people rely on our economic stability as a group of nations and I am quite pleased that my confidence in our disjuncted union is in part justified.
We are not quite back, but we are getting there, now to ensure our social protections for generations to come. First we need to dump the Anglo-American love affair with the bankers and the short term investors who bring nothing to the table; but feast to their hearts content whether the economy booms or not.
Once the economy is stabilized the work starts on how to separate ourselves from the financial service vicarious whims and cravings. Strengthening or social policies and national interactions can only benefit the union as a whole.
Now to make sure that fund is well spent.
Next year Sarkozy is dust
Next year may the Republicans in the US lose it all.
;-)