the dissident frogman

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Troublingly, the watered-down EU plan, which will be reviewed over the coming weeks, allowed for "exceptional circumstances" under which states may suspend the EU's stability and growth pact demanding a three per cent public deficit limit. In short, there's no EU bank rescue fund but there is an agreement to allow the European Union to become a potentially bottomless pit of public spending at the expense of European taxpayers. Of course, that is what the EU French Presidency terms a victory.

Whatever Darling decides, the Government's plans must not simply be designed to mimic the actions of our German friends, of which the German minister, Wolfgang Schäuble, said on Monday: "We learnt from worldwide economic crisis of the 1920s and 1930s that and (sic) economic crisis can result in an incredible threat for all of society."