1. Desperate Measures

    Europe Considers ‘Fiscal Union’

    FRANKFURT AM MAIN, GERMANY - SEPTEMBER 27:  The symbol of the European common currency, the Euro, stands in front of the headquarters of the European Central Bank (ECB) on September 27, 2011 in Frankfurt am Main, Germany. Europe is continuing to wrestle with the ominous prospect of a Greek debt default that many fear could spread panic and push the already fragile economies of Italy, Portugal and Spain into a crisis that would rock the Eurozone and lead to global repercussions. On Thursday the Bundestag, under the urging of German Chancellor Angela Merkel, is expected to pass an increase in funding for the European Financial Stability Facility (EFSF), a measure many see as necessary for financial markets to regain confidence in the European banking system.  (Photo by Ralph Orlowski/Getty Images)

    Ralph Orlowski / Getty Images

    After the Financial Times’s Wolfgang Münchau declared over the weekend that “the eurozone has 10 days at most,” European leaders are scrambling for a plan. According to The Wall Street Journal, they are now considering “fiscal union”: making budget discipline in member countries legally binding and enforceable by European authorities. Such measures have long been considered political nonstarters, but recent turmoil in Germany, Italy, and Spain is changing some minds. The Journal says Germany and France are leading the push for the new plan. It's a move the Associated Press calls "a big leap toward the United States of Europe."

    Read it at The Wall Street Journal