The first thing a solution must address is fiscal union. Fiscal union is a necessity if the EMU is to exist in the future. However, because currently, a large number of European nations have built up unsustainable debt levels during the last 10years of the EMU, that moving into a fiscal union now is politically and economically unacceptable. In order to implement fiscal union, the current debt situation HAS TO BE RESOLVED FIRST. So the very first step to the resolution of the Euro crisis is RESTRUCTURE.
This first step represents the acceptance that the debt loads of many member nations are not sustainable, and that to make stronger members pay for the recklessness of the weaker nations go against the constitution of the EMU. Default is inevitable, and restructuring of the debts to bring them down to sustainable levels is a necessity. The financial impact will fall squarely on investors. There will be writeoffs. The restructuring will require Eurobonds to be issued. That will come after the next step is taken.
A new Treaty with enforcement will have to be drafted. This new treaty will bind the Eurozone into a fiscal union. This means countries will have to GIVE UP SOVEREIGNTY over its finances the moment it breaches key elements of deficit, and debt measure. A newly formed bureaucracy will oversea the fiscal health of the member nations.
This is spoke of in the Bible and a sign of the Anti Christ.
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