He said that looking at the "broad sweep of history" in the long term "the European integration project" was going to go ahead, "like it or not".

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Lest we forget, Mrs Merkel and her German colleagues are actually much more devoted to that long-term objective of integration than many of those now calling for rapid steps towards it.

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Beyond the possibility of ECB liquidity, the summit could also surprise by addressing necessary, long-term measures toward fiscal integration which are a precondition to give peripheral bond markets and growth a chance to stabilize.

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