Brendan Keenan: Little steps not enough to help Europe leap this gaping crevasse
Published 08/08/2011 | 05:00
BY now, surely, Europe's leaders will have learnt one old, but valuable, lesson: it is dangerous to try to cross a crevasse in small jumps.
We shall learn today if they have finally grasped it. Ideas for calming the eurozone debt crisis have been sensible enough, in their way, but the actions have been far too timid for what is, after all, the world's second-largest currency and bond market.
A terminal crisis has threatened so often since first Greece, then Ireland and Portugal, were turned away from the debt markets, that there may be a temptation to apply another piece of sticking plaster just big enough to staunch the latest bit of bleeding. But there are several reasons for thinking that much more is required this time.