Wednesday 21 February 2018

Put up or shut up for the euro

Germany and France's inability to agree on a credible solution to the euro crisis has now reached farcical levels. With the global economy poised on the brink of a 1930s-style Great Depression the eurozone's two largest economies seem either unable or unwilling to take the steps necessary to secure the future of the single currency.

More than three years after the effective failure of the Irish banks first demonstrated the fundamental flaws in the eurozone's architecture we still seem no nearer a solution. We were originally promised that everything would be sorted out in time for tomorrow's summit of EU leaders. Then it emerged that everything couldn't be sorted out in time for tomorrow's meeting so we will now have a second summit on Wednesday.

What sort of nonsense is this? Two summits inside of four days. At this stage it is difficult to resist the suspicion that President Nicolas Sarkozy and Chancellor Angela Merkel would have difficulty agreeing on which pub to go to after a meeting.

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