Tuesday, December 20, 2011

No crisis too big for more EU navel-gazing

Financial Times
December 20, 2011

Billing a European Union summit as the one that will finally save the euro has become so routine that even the participants have begun to view such declarations with gallows humour.

“This time, I will not say it,” quipped one leader with a record of claiming breakthroughs. “Human beings have a great capacity to learn.”

But even by such diminished expectations, this month’s gathering of EU presidents and prime ministers may have been the most underwhelming yet.

In previous highly anticipated gatherings in July and October, European leaders failed to convince financial markets that they had at last shored up the teetering eurozone. But at least they were tackling the issues that mattered: a definitive solution for Greece, stabilising European banks and increasing the firepower of the eurozone’s rescue funds.


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