In this SPIEGELONLINE article, Wolfgang Münchau makes a sobering assessment of the recent EU summit. The good news is that, according to Münchau, Chancellor Merkel does fully understand what the Eurozone issues are all about. That surprised Münchau; me, too.
The sobering news is that consequential action based on the correct definition of the problem is not in sight. Merkel allegedly stated that, without consequential action, the Euro would 'blow up in the air'.
Whether Merkel's proposal is the right one or not should be subject to debate. What should not be subject to debate is that the Euro will indeed blow up in the air if everyone keeps bickering against one another and if no action is taken.
The sobering news is that consequential action based on the correct definition of the problem is not in sight. Merkel allegedly stated that, without consequential action, the Euro would 'blow up in the air'.
Whether Merkel's proposal is the right one or not should be subject to debate. What should not be subject to debate is that the Euro will indeed blow up in the air if everyone keeps bickering against one another and if no action is taken.
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