October 5, 2008 (LPAC) -- The four leading European heads of state and government held a summit on Saturday, together with the head of the EU Commission, ECB, and Eurogroup, to discuss the collapsing global banking system. The meeting demonstrated the reality of Helga Zepp LaRouche's declaration that the Maastricht dictatorship over Europe is now dead, and that there is no solution without a return to the sovereignty of nations, and forging an FDR-style solution to the bankrupt global system.

The communique by the leaders--France's Nicolas Sarkozy, Germany's Angela Merkel, Italy's Silvio Berlusconi, and a very unhappy Gordon Brown of Great Britain--invoked "the exceptional character of the economic and financial circumstances," to state that "the European community will have to prove itself flexible in the application of the rules defining State aid to companies, as in the principles defining the unique market." They also took a stab at the Stability and Growth Pact, the hated Amsterdam Pact (which restricts EU members to a limit of 3% of GDP on budget deficits), which "will have to reflect the exceptional circumstances in which we find ourselves, according to the dispositions written in the Pact to that effect."

They also called for "a summit, as fast as possible..., for the re-foundation of the world financial system." Among the aims of this summit: "to decide that all the actors in the financial markets will be regulated or supervised and not only commercial banks...; this concerns in particular rating agencies, investment banks and hedge funds."

Finally, one should note that, even if this in and of itself will not save each country from this crash, the principle of national sovereignty was upheld in dealing with the banking collapses. The communique states that "each government will act according to a method and to means which are its own, but in a coordinated manner with other European states."

The declaration included other irrelevant sops to the British, such as calls to end the market valuations of the toxic waste, and similar accounting gimmicks.