All this is especially troubling, because financial firms will be keen to get into businesses from which they were previously excluded and quickly, because an accounting trick known as pooling of interest, which flatters the profits of the merged entity, will be scrapped at the end of next year.

ECONOMIST: Killing Glass-Steagall

But everybody knows that pooling-of-interest accounting, which tends to inflate reported earnings after a merger, helped encourage the conglomerate craze of the late Sixties, and that changing those rules made conglomeration much less attractive.

FORBES: Why Everybody's Jumping On The Accountants These Days

First, the pooling of public debt in the 17 member states would raise the interest rates paid by the most creditworthy while lowering them in countries with weaker fiscal positions.

ECONOMIST: Eurobonds could restore confidence, but at a cost