The euro area is struggling for survival. If you are still in doubt, listen to all those by now far less self-conscious, far less apodictic pronouncements of leading representatives from politics and economy. At the G20 summit in Los Cabos Jose Manuel Barroso even lost countenance!
“The euro is not in danger!” How often did Wolfgang Schäuble, Minister of Finance, how often did the gurus of politics, economics and finance feign unshakable certainty! To no avail. By now, pure fear has spread to the Commission and the European Parliament. With the euro’s collapse not only the idea of European unity will be damaged – the Brussels Babel of Eurocrats will falter as well and with it thousand of its richly endowed sinecures. Continue reading Europe’s Fiscal Pact – or how to make a deal with the devil