So here we are thinking about a new EU treaty

Well! Sarkozy is on TV, live from a crammed concert hall in Toulon, giving some hot presidential speech. Blah blah blah, he was saying, right at the end (3 minutes before credits) that he had had to deal with a very horrible financial and economic catastrophe at Eurozone level with Merkel, using the framework of a rusty 1992 Maastricht treaty which turned the EEC in to the EU and invented the economic and monetary union.

Fair point. As he mentioned, the treaty provided clauses for preventive measures against financial meltdown, but no body to make sure they were properly applied. Penalties were devised in case of ridiculous deficits and debt levels, but nobody put them in place or used them. There were no institutions that could take over when things flew out of control. Which is why France and Germany have had to pile the steaming ruins of EU economies into a shit heap and sellotape it together.

Sarkozy explained the eurozone countries economies must converge or the euro will be either too weak for some and too strong for others. To do this, wait for it, it was necessary to draw up a new treaty which implements... economic governance at an EU level. France and Germany would strive for this.

BUT WHAT DOES IT MEAN?

Well, what it probably doesn't mean is that the new institution/level of power would be independent like the ECB, which stays firmly out of politics and lives to keep inflation down, cos that's part of the whole fucking problem, that monetary policy (printing the money) cannot be used in crisis situations, and that is why all the governments are focusing on fiscal policy (more money in taxes, less spending). But the Germans would never agree to that. Independent monetary policy is their condition. So what? A new branch of the commission that decides on centralised economic plans for each sovereign country? sounds unlikely. So maybe they're just going to start applying what's been written all along since the bloody Maastricht treaty, followed by Nice, Lisbon and so on.

So is this the scoop? It takes European rules 19 years to apply? or are we going a step further ijn EU integration with an incredible new political system, where a supranational economic governance (nment?) which is independent from the supranational central bank, has to face the specificities of each (sovereign?) eurozone member?

Can't wait to find out!