Friday 9 December 2016

Another fine mess

Published 01/12/2011 | 05:00

•It can't really be a surprise that eurozone leaders have proven unequal to the task of making the hard decisions required to solve the euro crisis. Anyone with a brain knows the solution is for the European Central Bank to be the lender of last resort, as a central bank should be, and for there to be eurobonds with the requisite treaty changes so as to allow central control of the dysfunctional financial regulatory systems in countries like Ireland, Greece and Italy.

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However, having the political guts to make those decisions is a different matter and, let's face it, why would any of the eurozone leaders have any understanding of the urgency required for them to make a decision? Last year they all swanned off for a month's holiday in August and now with Christmas approaching . . . well, it would be churlish to expect them to continue working.

Their daily existence involves being ferried to and from work in a big black luxurious car and driven into a plush office, where the officials and staff who get to whisper into their ear have themselves experienced none of the salary and pension cuts the rest of us have and can afford to pay for private services and avoid the public services they tell their masters to slash.

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