Markets Push Europe Toward Fiscal Union

European leaders are being pushed into closer fiscal union sooner than they had anticipated by volatile markets concerned over a dearth of ideas on how to solve the sovereign debt crisis in the euro zone, analysts and investors told CNBC. "If you believe the United States of Europe is stronger than the individual nations, it's simply a step that the politicians have been working towards, but now they're being pushed into it rather than managing the process," Neil Dwane, chief investment officer for Europe at RCM told CNBC. Over the weekend, German chancellor Angela Merkel seemed to soften her position on the issuance of so-called euro bonds, but she stressed they were not on the table for now.

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