On thursday a split European Commission “decided to launch unprecedented legal action against member states over their effective suspension of the euro rules last November.”
“The Commission will now ask the European Court of Justice to rule on a procedure taken by finance ministers last November to avoid disciplinary action being taken against France and Germany for their persistent breaking of the rules underpinning the euro. Brussels believes the procedure was “not appropriate” and has received legal advice confirming this.
The spokesman also confirmed that the Court would be asked to “fast-track” the case, which would mean the issue is resolved in 3 to 6 months rather than one or two years. But it is up to the court to decide whether to grant this.”
I’ll writing some belated commentary of my own, but meanwhile you can talk about it here.