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Herman Van Rompuy and José Manuel Barroso want more power for the European Union. The Think Tank Open Europe says: The true core concept of a European culture is that it is decentralized. (Photo: consilium)

Open Europe: Grand European plans are doomed to fail

Open Europe's Pieter Cleppe says that where the EU has gained a lot of decision making power, it has failed most of the time. He sees democracy best performed in sovereign nations and wants the European institutions being lean and efficient.

German Ecomony Minister “doubtful” whether Greece will remain part of Euro area

German Minister for Economics and Technology Phillip Roesler expressed his doubt regarding if Greece even be capable to conduct a proper austerity program.

As crisis worsens, surprise visit by Spain’s de Guindos to Berlin

Spain’s Economy Minister Luis de Guindos announced in front of the Spanish Parliament, Spain would not need a complete bailout or rescue package. Despite this optimism it has now been announced that he is flying to Berlin tomorrow.

Although Italy's Mario Monti is pushing hard, Angela Merkel does not want to give in on German key objectives for Europe such as stability and accountability. (Photo: consilium)

Merkel says European banking union is a future task, not to happen soon

German Chancellor Angela Merkel is not willing to move ahead quickly with allowing direct aid for European banks from either EFSF or ESM. Instead, she confirmed that every state will have to guarantee for its banks. This will lead to higher deficits in states where banks need to apply for money from the bailout funds.

Economic professor Huelsmann warns debt crisis might turn into hyperinflation

Guido Huelsmann, professor for economics at the University of Angers, France, is convinced that the Euro will lose greatly on his value through and this will finally lead to the break-up of the common currency in the Euro zone.

If Italy fails, Angela Merkel will have a lot to explain to the German public. (Photo: consilium)

Open Europe: If Italy needs a bailout, sentiment in Germany will change

Pieter Cleppe from London based think tank Open Europe expects the ESM to get started despite growing political concern in several Euro countries. However, he thinks the ESM is too small to save the Euro.

Italy appoints new finance minister to replace Monti

Italian Prime Minister Mario Monti will step down as finance minister and the current deputy minister Vittorio Grilli will take his place, the government said today. The new finance minister is an expert in privatisation and former Credit Suisse banker.

The German constitutional court held a hearing over whether the ESM is conflicting the German constitution.

German constitutional court shys away from ruling over ESM

The German constitutional court did not come up with a ruling over the question whether the European Stability Mechanism (ESM) conflicts with the German constitution. The hearing held in Karlsruhe showed the judges being overwhelmed by the complexity of legal challenges created by hasty decisions by leaders from the Euro zone.