Defining moment for the eurozone
Published 17/08/2011 | 05:00
German Chancellor Angela Merkel's meeting with French President Nicolas Sarkozy took place amid a global clamour for a sign of serious intent to stamp out the euro area's debt crisis.
Their call for the formation of a common eurozone government rang all the louder because of the vacuum of inaction to date.
Hitherto the talk had been cheap. The markets wanted to see deeds, and decisive ones at that.