Tuesday 21 November 2017

Brendan Keenan: Eurocrats may need a touch of madness to save currency

Politicians must decide if they really are going to save the euro or else dismantle it

TURNING JAPANESE: From 'The Economist' magazine
TURNING JAPANESE: From 'The Economist' magazine

THEY might not all be mad in Europe, as suggested by the putative presidential candidate Gay Byrne, but from their point of view, it might help.

There is a natural tendency in this matter of the euro crisis to play the man rather than the ball -- or, in the case of the German Chancellor, the woman. That runs the risk of under-estimating the difficulty of the game.

A recent edition of the The Economist magazine featured Chancellor Angela Merkel and President Barack Obama dressed in kimonos, under the heading 'Turning Japanese'. This was a reference to the failure of the Japanese economy to fully recover from the financial crash of 20 years ago. This failure is widely laid at the door of Japan's politicians, not least by western politicians and commentators.

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