Build up to EURO COLLAPSE: No DEBT sharing in Europe Italy and Spain do not welcome this NEWS All eyes are on the latest EU summit starting in Brussels today with leaders gathered to agree on measures to boost growth in the region. But hopes for a breakthrough are fading away with Germany’s refusal to back other countries’ debts. European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso have already proposed creating a eurozone treasury to issue joint bonds to share the burden of debt troubled countries. The proposal has been repeatedly ruled out by German Chancellor Angela Merkel as she calls for creating a fiscal union before any further debt sharing. Experts say, Merkel is unlikely to change her position, as it reflects the widespread public view in Germany, which doesn’t want to bailout other countries. “My feeling is that Mrs Merkel will stick to her point. She would not give the German credit card to other countries’ without having a sufficient degree of control over what these and other countries are doing with expenditure and economic policy in general,” Johan Van Overtveldt, editor-in-chief of the Trends magazine, told RT. The EU leaders are going to focus on creating banking union as a fundamental step towards fiscal integration. They propose to set up a single European banking supervisor as well as to work out a common deposit guarantee scheme and a single bank resolution fund to stabilize EU banking. Both Italy and …