Latest EU Rescue Plan Won't Work Without German Support

Law360, New York (June 26, 2012, 8:12 PM EDT) -- A Tuesday proposal from top European officials that eurozone member states turn over supervision of their banks and give up authority over their budgets is a step toward solving the continent's sovereign debt crisis, but the plan is bound to fail unless Germany gets behind it.

In advance of a key summit set for Thursday and Friday, top European Union leaders expanded on an earlier proposal to create a central European banking regulator, establish a fiscal authority that would effectively have veto power over the budgets...
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