So the European Union members decided to give up sovereignty when it comes to regulating budget deficits in the future. To me that seems to be tying hands when problems arise. Kind of like having austerity take place when an economic downturn occurs (oh wait?!?!). This also in no way solves the problem that is currently affecting Europe. It's like the leaders of the union said that we will work on what we can do to prevent this from happening next time while ignoring the dire problems which currently face the Euro zone. You can't deflate your way to prosperity.
Once again it will all depend on the ECB and whether it will buy the bonds needed to support these countries in order to get them out of this mess.
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