Step by step, the road to unification of Europe is getting closer and closer. The article describes the plan for financial control of the European Nations under a centralized system. In affect, this means nations are giving up their financial sovereignty. Such actions would be unheard of a few years ago. But the lingering financial debt crisis faced by many nations leave them absolutely at the mercy of others.
http://www.time.com/time/world/article/0,8599,2102019,00.html
"The deal could mark a turning point in the raging euro crisis if it convinces jittery markets that, by way of strict budget rules, member countries can claw their way out of debt woes. It is potentially historic, taking the continent deep into fiscal integration and union as the member states concede sovereignty on taxation and spending to a central authority."
After the first GFC, many in the US Administration calls it an opportunity for change. Certainly as the world drifts towards GFC II, this crisis-turned opportunity is being seized. The debtors are powerless and had no choice but to accept any plans given to them - even though the plans involve robbing them of their sovereignty financially. Once this is done, political and military sovereignty will be weakened and it is a matter of time before those pillars will be removed.
