All roads lead to Brussels today as Europe’s leaders meet for a high-stakes summit to save the euro.
France and Germany are expected to keep rallying support for their plan for treaty change right up to the last minute before all 27 members meet up.
Both see fiscal integration and tougher budget discipline as the way forward.
But credit rating agencies and the markets will be looking for more decisive short term action along the lines of doubling the bailout rescue fund.
French Prime Minister Francois Fillon said on Wednesday: “I take Standard & Poor’s decision to place all the euro zone states under negative watch, as a call to euro zone heads of state and government to embark quickly on the path of reforms, in order to give the euro zone more governance, and to give it the ability to react and to fight back more efficiently. So, that’s it, I consider that S&P is sending us a challenge, and we are going to take up that challenge during the European Council.”
But not all 27 members are singing from the same hymn sheet. Britain – although outside the euro zone – recognises euro survival is vital to its economy, but opposes radical treaty change. However all members seem committed to having some sort of deal in place before leaving Brussels.