Euro Area

[Louis VI the Fat]

I still have a hope that European leaders, like their American counterparts, will do the right thing - after they have tried everything else.

But Sarkozy and Merkel ARE doing the right thing. They are opting for the bold move forward.

We are currently witnessing the long known problems that a common currency faces without common economic policy. The obvious way forward then is to have more common economic policy.

[Furunculus]

But Sarkozy and Merkel ARE doing the right thing. They are opting for the bold move forward.

We are currently witnessing the long known problems that a common currency faces without common economic policy. The obvious way forward then is to have more common economic policy.

doing the right thing would be either:
increasing the EFSF
or:
introducing eurobonds

what they achieved instead was an economic stable-door:
http://www.telegraph.co.uk/finance/f...e-concord.html
at the same time as:
turning eurozones periphery into satrapies of berlin