Desperate times call for desperate measures.
In politics, supposed principled stance frequently gives way to convenience, as I have been predicting here and here.
From Reuters
France and Germany are planning a quick new pact on budget discipline that might persuade the European Central Bank to ramp up its government bond purchases, Welt am Sonntag reported on Sunday.
Echoing a Reuters report on Friday from Brussels, the Sunday newspaper said the French and German leaders were prepared to back a deal with other euro countries that might induce the ECB to intervene more forcefully to calm the euro debt crisis.
The newspaper report quoted German government sources as saying that the crisis fighting plan could possibly be announced by German Chancellor Angela Merkel and French President Nicolas Sarkozy in the coming week.
In an advance release before publication, Welt am Sonntag said that because it would take too long to change existing European Union treaties,euro zone countries should just agree among themselves on a new Stability Pact to enforce budget discipline - possibly implemented at the start of 2012.
At the end of the day, this will all be about defending the political syndicate of the welfare state-central bank-banking cartel.
Watch gold fly.
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