“In her speech, Mrs Merkel promised “concrete steps towards a fiscal union” – in effect close integration of the tax-and-spend polices of individual eurozone countries, with Brussels imposing penalties on members that break the rules.

“We need budget discipline and an effective crisis management mechanism,” she said. “So we need to change the treaties or create new treaties.”

http://www.bbc.co.uk/news/world-europe-15997784

Meantime, a Heritage Foundation paper concludes, among other things.

“A Europe in which national sovereignty remains paramount, where states can react flexibly, suits the American national interest.”

http://www.heritage.org/research/reports/2004/10/a-conservative-vision-for-us-policy-toward-europe