In the previous two days, the finance ministers of the EU have signed a "banking union" and the creation of an "authority" supposedly capable to "resolve crises" by "rescuing" troubled banks. A "revolutionary" tool according to Michel Barnier, Commissioner for Internal Market.

This decision is questionable in itself. The EU is working since six years to save the banks and make the people pay the bill. The result: total economic failure and social disaster.

But what do we learn the day after the so called "revolutionary" agreement? S&P downgraded the EU by one notch and withdrew its triple A. This is the harsh law of the markets: give them a hand, they will cut the arm.

For the future of Europe, we must now change course. The EL will organize in Brussels in April a conference on the debt that will demonstrate different economic monetary and banking policies, are not only possible, but essential to escape the deadlock.

Party of the European Left,

20.12.2013