"Chancellor Merkel is punting a plan that all EU countries have to have their budgets approved at EU level, before adoption, to enable control of excess deficits."

Please correct me if I am wrong here but isn't this the same EU that has never ONCE in its entire existence declared, put together or audited a single budget concerning its own activities?

For "approved at EU level" read approved by France and Germany the sole beneficiaries of this cosy little club.

The Euro as a currency is doomed, only it doesn't realise that it is dead yet.