Wolfgang Münchau: The only way to save the eurozone is to destroy the EU

Wolfgang Münchau: The only way to save the eurozone is to destroy the EU So we have two crises now. A still-unresolved eurozone crisis and a crisis of the European Union. Of the two, the latter is potentially the more serious one. The eurozone may, or may not, break up. The EU almost certainly will. The decision by the eurozone countries to go outside the legal framework of the EU and to set up the core of a fiscal union in a multilateral treaty will eventually produce this split.

I wrote in October that a time will come when the interests of the eurozone will not only collide with those of the non-eurozone, but with the EU itself. We are now at that point. On Thursday night, Angela Merkel and Nicolas Sarkozy clashed with David Cameron in a familiar Britain-versus-the-rest diplomatic standoff. That itself is not new. But a determination to go outside the treaty to overcome the disagreements adds a new dimension to this long-lasting dispute.
http://link.ft.com/r/TWK799/TU0N6E/KEIJMC/GDE5R1/DWJ4FU/SN/h?a1=2011&a2=12&a3=9