Here was the Guardian‘s Ian Traynor late yesterday with the most important development prior to today’s EU summit:

Germany has flatly ruled out any pooling of eurozone debt in response to the single currency crisis, seeming to set the scene for clashes at an EU summit that looks unlikely to take any big decisions to quickly stabilise the euro.

The German chancellor, Angela Merkel, sharply criticised a seven-page blueprint drawn up by four senior EU leaders on opening the way to a eurozone political federation.

She made it clear she would not yield to pressure to move towards the common issuance of eurozone debt in the form of eurobonds, to lower the cost of borrowing for vulnerable countries such as Spain and Italy.

Unless this is just posturing for the cameras and the leverage, this could be very bad news for the European and global economies.

Today markets are dropping; there are rumors Italian P.M. Mario Monti may resign; and things are tense all round. If there’s going to be a breakthrough, it’s certainly taking its time to arrive.

Ed Kilgore

Ed Kilgore is a political columnist for New York and managing editor at the Democratic Strategist website. He was a contributing writer at the Washington Monthly from January 2012 until November 2015, and was the principal contributor to the Political Animal blog.