Everything that the European Commission President said in an ‘open letter’ to the citizens of the EU, MEPs and national leaders is true.

But while Mr Barroso did his best to convince all concerned of the need for reform within the eurozone, the need to balance debts and deficits and to focus on economic growth, this newspaper feels that it should have come long before now and should have been delivered with more force.

Mr Barroso tells Europe that it is facing the biggest challenge of a generation. We will go one further, this is the biggest crisis to ever hit the European Union. Mr Barroso’s speech was multi-pronged. He pushed national governments to implement the 21 July agreement to release the next batch of funds to go into the solidarity fund, and reminded them of their “responsibility to do so”, both out of the interests of solidarity and also in terms of ‘self-interest’. Mr Barroso was very clear. He said that the eurozone could not operate the way it was operating and “cannot continue to do so”.

He said that the only right way to stop the negative cycle and to strengthen the euro is to deepen integration, namely within the Euro area, based on the Community method.

“This is the way to go. It is also the only way for the Euro area to really play the role that investors and global partners expect it to play. What we need now is a new, unifying impulse – “un nouveau moment fédérateur”, let’s not be afraid of the word, moment fédérateur is indispensable,” he said.

Mr Barroso also pointed out that bringing the deficits inline, alone, will not solve the crisis. This, he said, is coupled with economic growth. To do this jobs need to be created, and the citizens and business owners of Europe must roll up their sleeves and work hard. “The road to recovery is long and it is painful for millions of our citizens and businesses. But it will not be made less painful by continued procrastination or by presenting as ‘quick fixes’ ideas that will necessarily take time,” he said.

Mr Barroso also said that the EU would shortly be putting forward its plans for Eurobonds, a new form of bond which should see bonds issued and guaranteed by the whole of the eurozone, in an attempt to curb borrowing costs for individual countries.

But the EU is preparing us. It is clear that the European Commission is now working behind the scenes to draw up new regulations for the eurozone modus operandi. Whether that will culminate in a Brussels ‘Finance Ministry’, one must wait and see. However, it is clear that we are moving towards a Federal style of Europe. Germany is not happy, and understandably so. The Germans have forked out vast amounts of money for the Ireland, Portugal and Greece bailouts.

But Mr Barroso is right, it was clear all along that things simply cannot work as they are. It is plain to see, one only need look at Greece. The Greek PM had referred to the bailout as a loaded gun, which could be used if needed. It was needed, and more than once. The trouble is that the gun has now been turned to point at the European Commission. It is literally being held to ransom – hence the need for change.