Dramatization. As if not the eurozone as a whole already threatened by the rating agencies. As if the markets do not turn away from countries previously considered safe, such as Italy. As if the euro area was not on the brink.
Yet the dramatic dominating discussions at the EU summit a few hours that we dare not call "last chance". Although most of Europe is in deepening crisis, the harder it is to get out.
Angela Merkel alternating hot and cold. Yesterday his entourage distilled a message "pessimistic" about the chances of an agreement. But the European People's Party congress in Marseille, the Chancellor said it was "convinced that we will find solutions to all our questions ... Provided that the countries are showing understanding. "Still not measured, Nicolas Sarkozy has sounded the alarm:" Europe has never been greater, it has never been in danger, not the risk of explosion of Europe has been so great. "
"Our plan or chaos"
By raising the stakes, Paris and Berlin put pressure on their partners. The message is implicit but clear: "It is our plan or chaos." A plan to rebuild the European treaties to record in stone fiscal discipline of iron. Nicolas Sarkozy awaits the return of the ECB support to countries in difficulty.
When? Not today anyway. Its tower overlooking Frankfurt, Mario Draghi has dampened hopes for a massive intervention fast. "The ultimate responsibility to stem the crisis up to the politicians," he said. "The treaties prohibit monetary financing of the States."
Sleight of hand
But there is a second stone in the garden of Nicolas Sarkozy. This is the alternative plan of Presidents of the European institutions, Herman Van Rompuy and José Manuel Barroso. This nine-page document, which will also dinner menu of twenty-seven heads of state and government on Thursday night, offers a two-step approach: treaty reform is possible, but must first deal with the mosta hurry. Herman Van Rompuy proposes to tighten immediately budgetary discipline without changing the treaties. Several countries are on the same line.It's faster, almost as safe and effective referendum. But this approach is described by Berlin of "small-time trade-off." "We will not accept hocus-pocus typical Brussels" is said in the entourage of the Chancellor.
The UK does not say no to the treaty reform. But in exchange, Prime Minister David Cameron wants to repatriate powers to London's financial, to protect the interests of the City, and social, because Europe is seen as too protective in London. "I will fight like a bulldog," promises David Cameron.
Europes
Diplomats expect the feeding frenzy will last all night from Thursday to Friday.In case of failure to twenty-seven, Nicolas Sarkozy and Angela Merkel, supported by the Dean of the Council and convinced Europhile Jean-Claude Juncker, want to continue to seventeen, with members of the euro area, and possibly the future members of the single currency. Another peak in reduced number could even be called this weekend. It would kick off a two-speed Europe.