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Eurozone a Bunch of Sovereign States

Political paralysis in Brussels, monetary tightening by the ECB and soaring rates for Portuguese, Irish and Greek bonds — the omens for today's crucial Eurozone summit on how to head off the deepening economic crisis are not good. ...Olli Rehn, the EU economics commissioner, has been pleading for a policy shift to lessen the burden on debt-stricken states. However, EU leaders have the final say on the terms of the rescue machinery, and they are answering to their own angry electorates. The eurozone remains a collection of sovereign states. That is the nub of the matter.
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