Sunday 12th October - an historic day?

Bloomberg 12th October

French Finance Minister Christine Lagarde said leaders will aim to put ``meat and muscles'' on a commitment to safeguard key banks. German Chancellor Angela Merkel, whose government earlier this month rejected French suggestions to form a joint bank-rescue fund, said yesterday the euro region will implement ``the same toolbox of instruments.''

Am I alone in thinking that this sounds like a recipe for disaster? How can you possibly expect the diverse economies of the EU to sign up to a single plan with "meat and muscles"? This is command economy thinking and meddling with a free market which is in its most vulnerable stage. Command economies don't work. The EU works as well as it does because the free market operates in each region. Once you start taking centralised control it will fall apart - which it has been in danger of doing for some time.

I'll post more later when we have seen the outcome of today's meetings.