EU Parliament rules out the European financing agreement, situation is back to square one

With a large majority, the European Parliament let the Commission, EcoFin and EU head of states that the agreement signed in February for the suddivision of funding until 2020 is to be remade. Some items of expenditures and contributes to the various countries have to be reviewed. Another negotiation has to take place, and it could take a long time as Italy and Germany have just renewed or will soon face new elections.
This is not the whole story. Today’s Beppe Grillo declaretions, released to a German newspaper, will surely rise many arguments on the Italian political situation. Movimento Cinque Stelle leader has stated that not only he will press forward for a referendum to take Italy outside the Euro countries, but if necessary he will make the Treaty of Lisbon, wanted more by governments than by people, a matter of renegotiation.

The initial denial of Ireland had in check the heads of EU who had to resort to some stratagems in order to get the approval on the European Constitution, which is still largely unapplied. The words from the political leader of the most voted Italian party resound in the halls of European chancelleries, and a response has yet to be given, for two reasons: to avoid giving credit to the second Italian “clown”, and to stop the resonance of his declarations.

Accusations moved by Grillo seemed more than concrete to the numerous foreign investors while central banks have refrained from replying: Northern European countries are waiting to end their relations with Italian national debt, and the country will most probably be left alone afterwards.

This is a temptation expressed more than once from countries such as Finland and Netherlands, but will put others like Germany and Luxembourg in grave danger, whose great economic accomplishments are largely due to the European Union being their warrant. The B plan, which circulated and has been of public domain only recently, after being covered from 2008, is yet again a viable option.
A two-speed Euro could be more disadvantageous than the current Euro, but it seems the EU has only two ways out of the crisis: either the ECB becomes a proper bank (not an hostage of private banks, but an instrument of member countries), this being the first step for the formation of the United States of Europe, or the Union goes back to square one.
This stalemate is destroying Italy, a country that cannot wait that this crisis begins to affect Germany, where the future is becoming more and more riskful, and only a shock can make the Union take new decisions.