Ever closer union - The Best from Greece

Germany will only consider taking on the liabilities of other eurozone nations if it also gets effective control of their economies

The financier George Soros has supplied a suitable apocalyptic text for today’s Paris summit on the eurozone crisis. He said that if the single currency were to collapse, it would trigger an uncontrollable banking crisis that could tip the global economy into a re-run of the Great Depression of the Thirties. Mr Soros called for the eurozone to adopt a single fiscal policy that will allow the debt burden of the weaker economies to be shared by the stronger through the issuing of “eurobonds”, an idea that George Osborne has also said is worth examining.

In essence, this would mean Germany underwriting Europe’s debts. But as that country’s finance minister, Wolfgang Sch

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