Price to be paid for euro rescue
Published 02/12/2011 | 05:00
Yesterday's speeches by French President Nicolas Sarkozy and ECB president Mario Draghi are a welcome indication that senior European political and financial leaders have finally begun to grasp the severity of the crisis confronting the euro.
It may be terribly late in the day but it would seem that Messrs Sarkozy and Draghi now realise that, unless urgent action is taken, the single currency faces an existential crisis.
This week the international financial system came within days, possibly hours, of completely seizing up.