Less than a half a mile apart, Molasses Reef is designated as a no-take zone while Pickle's Reef remains unprotected.
It exposes them to competition from non-banks, and also sets a deadline of 2012 by which all payments in the euro zone must take no longer than one business day to the next.
ECONOMIST: Europe makes progress on a common payments system
Point two is, there is broad agreement that there is going to be a transition to a different kind of command structure and that the United States is not going to lead that effort, and that our allies and partners are going to take the lead in enforcing the no-fly zone over time.
With the Obama administration unwilling to enforce the no-fly zone with US combat aircraft, unwilling to take action to depose Gaddafi and unwilling to cultivate responsible, pro-Western successors to Gaddafi, the angry tyrant will probably remain in power indefinitely.
We already said that we will then transition to a NATO command and that our partners would take on a lot of the responsibility for the no-fly zone and striking targets on the ground.
What was the case in Libya is that all those conditions were in place that created an opportunity where international, outside military action to prevent the slaughter of civilians, to enforce a no-fly zone, was an option that the international community could take.
Washington wants France, Britain, Canada and other coalition partners to take responsibility for day-to-day enforcement of the no-fly zone over Libya.
But it is precisely because there needs to be a range of options and a range of actions that the international community can take that these consultations are dealing with more than just the no-fly zone.
They also reviewed the ongoing discussions at NATO about the transition that will take place regarding command and control efforts and the enforcement of a no-fly zone.
But even if the euro zone were willing to take the hit to preserve financial stability, there is no legal mechanism for it to do so.
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