More integration, more internal solidarity; more austerities was yesterday outlined as French President Sarkozy’s answer to the European debt crisis pinpointing the EU summit and December 9th as a D-Day for immediate and decisive actions. Sarkozy seems as Angela Merkel to be in favor of a revised European treaty reducing the sovereign powers of the national states giving the Commission in Brussels multilateral authority in finance and economic affairs.

Merkel and Sarkozy still seem at odds whether to give ECB (European Central Bank), powers to act as a lender of last resort.

The December 9th meeting might be decisive for the future trend of the markets. Some observers see an early revised treaty demanding complicated member state negotiations, as wishful thinking coming to late to save the Euro. Neither an early issuance of EURO-bond is seen as a feasible short term solution. . Observers see a strong ECB intervention as the only short term measure that can save the EURO from collapsing. Much is at stake not only for Europe, but for the global market and especially Europe’s biggest trading partners as China and US.

EU yesterday decided on new sanctions on Iran black listing 300 companies and individuals and placing foreign companies dealing with the Iranian central bank on the spot. Due to resistance especially from Greece, but also Spain and Italy depending on oil imports from Iran, oil was not included in the sanctions. China and India are also big importers of Iranian oil.

After central banks on Wednesday introduced more favorable interest rates on dollar-swaps, markets have stabilized or corrected. US unemployment figures to be published today shall give a new indication on whether US is mowing off from the recession danger zone. Oil prices and gold have stabilized during the last 24 hours. No major changes in world currencies.