As you predicted in your leader on the European Union’s summit in Brussels, which took place after you went to press, the recipe for euro’s survival concocted by Angela Merkel and Nicolas Sarkozy is a poisonous one (“Beware of the Merkozy Recipe,” December 10, 2011). Fearing most the profligates from Southern Europe, they came up with a loose blueprint for a fiscal union that will take quite a while to be ratified, let alone to start biting. Sadly, today’s crisis is less about profligacy, as well as the austerity it presages while the recession threatens to turn into depression, than about joint liability of the eurozone countries. But that was long expected. It is a pity you have failed to come up with yet another prediction, and that is the collapse of the so-called monetary union. For the Merkozy recipe presages much worse to come. The vaunted summit is likely to be the last one to offer any hope on the current troubles of the euro. The last verdict is left to the rating agencies. Watch their ominous predictions piling up starting as early as next week.