-Merkel adviser insists collapse was of Ireland’s own making

Yesterday’s assertion by German MP and economic policy spokesman for Angela Merkel’s ruling CDU party, Dr Joachim Pfeiffer, that we have "no chance" of getting a deal on the €64bn used to rescue insolvent banks is at the very least chastening.

The leaders of France and Germany will seek a common position at a series of meetings this week on a €34.5bn defence merger that could involve them having to give up strategic influence in aerospace group EADS.