Friend Michael Gorback sends this note and link (PDF attached): We know how this story ends. Mike “Germany sees the need in this context to show the markets and the world public that the euro will remain together, that the euro must be defended, but also that we are prepared to give up a little bit of national sovereignty,” Merkel said.... Merkel explained that treaty change would mean “an intervention and oversight role in respect of the preparation of national budgets, but with flexibility to certain countries to do their own particularly budgetary strategy,” Kenny said.