EU officials have agreed to spend €120 billion for immediate growth measures to aid the most vulnerable countries of the eurozone.

The announcement came last night during the latest EU summit in Brussels.

But while the eurozone continues to shelter incompatible economies, giving further power away to “super bureaucrats”, like Italy’s Mario Monti, is unlikely to solve any problems, points out UKIP Leader Nigel Farage.

“Basically, Herman van Rompuy wants the European Union to become a debt union, which may be acceptable to some of the southern countries who are effectively bust. To the northern countries, it is not,” Mr Farage said.

“The focus is always on Germany: will Chancellor Merkel blink or not?”