The euro is significantly closer to failure and Europe is closer to a meltdown after the leaders of the four biggest eurozone leaders met in Rome and made no progress whatever. The “Fab Four” (Spain’s Mariano Rajoy, France’s Francois Hollande, Germany’s Angela Merkel and Italy’s Mario Monti) reaffirmed a pre-existing agreement to make some mostly symbolic adjustments to European policy, whomping up an air souffle that the Club Med countries plus France can claim is a “growth” package, but it is mostly made of old money and spin.Other than that, they seem to have just wasted time repeating the stale old things they have been saying to one another for more than two years. The Latin caucus told Germany how very nice it would be if Germany would pay more money to reduce their borrowing costs and Germany thanked the Latins for the advice but declined to share its ATM card and PIN with its hungry friends.In other words, nothing.This meeting was supposed to lay the groundwork for the EU summit next week at which the European master plan for fiscal and political union is, we are told, to be decided. More and more observers are beginning to think that this next summit could be a turning point; Italian Prime Minister Mario Monti could face a parliamentary rebellion if he comes back from the summit without an agreement that reduces the ruinous interest rates Italy must pay on its huge national debt.If Monti’s government falls, former Prime Minister Silvio Berlusconi appears ready to seek power on a program of taking Italy out of the eurozone. The unraveling would likely be very fast at that point and few Italian politicians would stand by Monti, austerity and the euro.In Rome today the “Fab Four” looked disorganized and off-balance. They did not look like seasoned operators engaged in a high stakes game of chicken in which each of them knew the odds, had a plan, and was moving with grim purpose toward an endgame. They looked a little dazed and overmatched, worried about the direction in which things were drifting, but not knowing quite how to turn things around. It was uncomfortably similar to the bewilderment European diplomats showed in July of 1914 as a spat between Vienna and Belgrade slowly morphed into a great European catastrophe.We hope this impression is misleading; by the end of the month we may know. Chancellor Merkel left early to watch the German national soccer team’s match against Greece.