The first phase began in 1951 with the creation of a free trade zone, the European Coal and Steel Community. It was apart of a long-term program, begun in 1919, to create a unified Europe. It morphed into the Common Market in 1957.
The second phase began in the 1990s with the Maastricht Treaty(1992), which created the European Union, and the Lisbon Treaty (1997), which amended Maastricht. The voters in the European member states were promised that there would be no attempt at creating a common economic policy. This culminated with the eurozone in 2000.
The eurozone (European Monetary Union) and the euro are now falling apart. The spendthrift Club Med countries of the South, plus Ireland (PIIGS), ran up huge debts to the European banks. They cannot pay the interest payments required. The value of their IOUs has fallen. European banks will suffer losses of 50% on Greek bonds — maybe more. Now Italy is close to default.
Angela Merkel is trying to sell the German Parliament on more bailouts. She wants to push fiscal union: a common economic policy, in direct violation of the treaties that created the European Union in the 1990s.
She has told her Parliament that this is the greatest crisis that Europe has faced since the end of World war II. What she meant was that this is the greatest threat to the New World Order.
The NWO will push through the unconstitutional fiscal union, but it will do no good. The PIIGS are busted. The Europe Central Bank will have to inflate to save the banks.
The crisis will escalate. It is just getting started.