The current European Union is under threat no longer just from the debt contagion caused by weaker members, but also by plans of more prosperous members to form a breakaway group.
Reports add to the growing speculation that following the instability created by the political situation in Greece and Italy on top of the two countries' debt problems, France will form another organization of eurozone members.
The new union, which would likely count France and Germany as members, want a stronger group with new measures and legal measures to stop members from borrowing and spending excessively in the future.
Not surprisingly, weaker nations that caused the current debt crisis such as Greece, are not welcome to the planned new union.
The planned breakaway group places pressure on Britain to accept unconditional changes to the Lisbon Treaty which would isolate Britain and make it a voting minority within the weaker EU should France and Germany succeed in forming a breakaway group.
German Chancellor Angela Merkel had warned British Prime Minister David Cameron of the scenario unless he agrees to the changes in the treaty.
Besides tracking the breakaway group, the EU is monitoring the Friday vote in Italy on reduction in public spending and delay in retirement. The measures, if approved, would pave the way for the replacement of Silvio Berlusconi as Italian prime minister.
Italy's Senate is scheduled to debate on the package on Friday morning and expects an outcome later in the day. The law is expected to pass after the Upper House Budget Committee approved the measure on Thursday.
Among those who will vote for the first time in the Italian Senate is former European Commissioner Mario Monti, who is touted as the favorite to replace Berlusconi. The speculations of Monti's ascent to power were fueled by Italian President Giorgio Napolitano's appointment of Monti on Wednesday as senator for life.
European crisis felt across the pond
- Is Alarm About Seven Billion People Just Modern-day Eugenics?
- Seven Billion ... And Rising
- Seven Billion People: So Why Do Some Fear Population Decline?
- The World Is Finally Fighting Off the Infection of Neoliberalism
- Seoul Salvation
- Global Health: 'Contagion'
- Malaria: Tackling a Historic Foe
- France Planning Eurozone Breakaway
- Senior Banker Lucas Papademos Named New Greek Prime Minister
- Italian Debt Reaches Unsustainable Level
- The Perverse Side Effect of the Euro
- Europe's Crisis Is a Global Issue
- Europe, the International System and a Generational Shift
- Europe's Economic Measures Too Little Too Late
- Crisis Gratuitously Self-Inflicted
- Europe's Structural Reforms Are Serious
- Papandreou Survives Vote, Uncertain Coalition Pending
- Greece In Chaos as Papandreou Faces Confidence Vote
- On WWII Anniversary, Greeks Say 'No' Again
- Greek Workers and Pensioners: The Damage Is Done
- EU Candidate Status Rejection Means Less Money for Albania
- Albania-Kosovo Agreement Rekindles Old Suspicions
- EU Urges Kosovo to Plan New Strategy for North
- Turkey Ratifies Railway Agreement to Integrate with Balkan States
- Ankara Intimidating Academics, Restricting Free Speech
- Europe's Woes Make Their Way Across the Mediterranean
- Democracy in Revolution: the Mediterranean Moment
- Riots and Revolutions in the Digital Age
- When Do You Know You Have Crossed a Watershed?
- Global Financial Regulation: Goal Many Espouse But Can It Be Done?
- Forging a Lasting Peace
- Eurozone Needs Exit Rules
- Euro Zone Rescue: Deja Vu All Over Again
- Eurozone Rescue or Recession? Fallout of the October Package
- European Union Leaders Reach Deal on Greece, but Worries Remain
- EU Leaders Announce New Eurozone Rescue Deal
- Can Europe's Divided House Stand?
- Greece's Youth: 'I Have No Hope'
- Battle for the Hearts, Minds and Wallets of Greeks
- France Teetering on Edge of Financial Precipice
- Why Care About the French Presidential Race
- Counterrevolution in Kiev: Hope Fades for Ukraine
- The Dying Bear: Russia's Demographic Disaster
- Bulgaria, Romania and Greece Initiate EU strategy for Balkans
- Irish Elections: From Paramilitary to Presidential Nominee
- Was the IMF Program in Iceland Successful?
- Turkey: Is Quake Aftermath Widening Ankara-Kurdish Rift?
- Turkey's Never-Ending Kurdish Question
- Turkey's Earthquake Strikes at Poorest
Copyright © 2011 AHN -- All Rights Reserved