Monday, Sep 22, 2008
There is no EU Treasury to back the euro, and therefore no Euro-Paulson with the powers and legitimacy to take sweeping steps in an emergency. By extension, there is no clear-cut lender of last resort either. Each country is on its own, yet none have the
telegraph: Financial Crisis: America rises to the occasion as storm heads for Europe
The European Central Bank stands aloof with Teutonic severity, as hawkish as the old Bundesbank – or the Reichsbank in 1931. It too is a prisoner of a rigid treaty mandate. There was a mad Wagnerian feel to its July rate rise. We now know that Euroland was already slipping into recession when it acted. Do the hawks mean to unleash Götterdämmerung on the peoples of Spain, Ireland, Italy, Portugal, and Greece, with all the dangers that must accompany a disintegration of EMU?
Posted by big chris @ 11:19 PM (157 views) Add Comment
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