Crunch meeting tonight: EU to sink or swim in debt crisis

Claire Rosemberg, AFP, 26.10.2011

Quote


Europe's debt crisis sees the 60-year bloc at a crossroads -- poised to tumble like a house of cards if it fails to fix its problems, or find a fresh lease of life by choosing the road of federalism.

"If the euro fails, then Europe fails," German Chancellor Angela Merkel warned this morning, hours ahead of a crunch summit held to resolve the debt crisis and restore worldwide confidence in the stability of the eurozone. [...]

Analysts agree.

"Either European leaders succeed in re-energising European integration or the EU will lose relevance for its citizens and become marginal as the principle instrument of shaping their future," said Janis Emmanouilidis of the European Policy Centre.

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