Long on big plans, short on measures

The document eurozone members are hoping will save the euro promises to be long on big plans and short on immediate measures that would halt the continuing crisis now threatening the global economy.

It will set out building blocks in four areas — banking, fiscal, economic and political union, but the draft being worked on last night did not include timelines for any of the targets to be achieved.

Almost all the measures will require changes to national constitutions, including Ireland’s, and a change to the EU treaties, specifically to change the “no bailout” ban.