| 1.9°C Dublin



ECB must step up to the plate and end this panic

THE steps necessary to stem the immediate eurozone crisis do not need treaty changes, which is just as well, since treaty changes would take two years or longer. The financial crisis could spiral out of control over the next few months and a disorderly break-up of the euro needs to be averted in the here and now. Adequate instruments to achieve this are available within existing arrangements and indeed have been available all along, but it now appears that they will not be deployed, principally because of German opposition, unless eurozone members agree to ultimate treaty changes.

Next Friday's European summit will be the 15th designed to end the crisis. Previous editions have provided plentiful losses for those who believed the post-summit spin. Those market players who took the view that the spinners were in denial about the scale of the problems and lacked the necessary conviction to deal with them have been proved right every time.

Most Watched