Eurozone: a mighty step towards fiscal union

ECB Bond Buying May Reach $1.2 Trillion

By Andrew Davis

The European Central Bank’s move to buy Italian and Spanish bonds to tame the region’s debt crisis marks a step toward the kind of fiscal union that Germany has opposed since the founding of the single currency.
While investors and economists say tighter fiscal ties and increased transfers to the financially weak euro states will be needed to end the financial contagion, purchases of Italian and Spanish debt that Royal Bank of Scotland Group Plc estimates may reach 850 billion euros ($1.2 trillion) threaten fresh political fault lines.
Full text
Comment: It was Goethe who said that at the first step you are free, thereafter come the consequences that you can't renounce but must deal with. It is the same with the European Monetary Union.