Faced with more or less incontrovertible evidence that the Eurozone was grinding to an economic halt, demonstrating that Krugman, as usual, was dead right, and European Central Bank chief Trichet was an idiot, Sarcozy and Merkel met and came up with a dramatic new response: form a committee - er, council. The powers of the council, I presume, would include being able to order done anything that everybody agreed should be done.
It is not much comfort that Europe seems to be even more screwed than we are. They are in an unstable state intermediate between disintegration and some sort of fiscal integration, neither of which anybody seems to want. In that case, disintegration it will be - probably in a fashion which inflicts maximum damage on all concerned.