First of all let me say that I am a European and I love Europe so the last thing I would like to do is to insult the rest of citizens of this part of the world.
The title refers to what some people outside Europe maybe thinking about the Europeans who run the eurozone and that are meeting these days.
I do not think at all that this people are idiots and in fact I think that they are in a hard difficult time with a lot of pressure from everywhere. It may seem that Nicolas Sarkozy and Angela Merkel are in fact failing to solve the crisis of the euro but in fact maybe they are just acting in a reasonable way. I am sure that both know that under their decisions it is the future of the global economy.
I see their task so difficult that I think they need all the support they can get.
It seems that the problem is related to the interests of Germany versus the interests of France. France is worried about its rating so to recapitalise its banks it wants the EFSF (European Financial Stability Facility?) to pay and become a bank. Germany does not like this option. As Germany is the great power who puts more money things should be done according to Germany but at the same time Germany must accept something from the est of the eurozone if it wants to find s deal! ISN’T THAT A DIFFICULT THING TO DO?
All this difficult task of agreeing is done against a background that asks for fast answers.
So my conclusion is the follwing: There is a problem between the speed of markets and the speed of politics (and in the eurozone politicis goes slower because we are 17 even if it may seem we are just two …) So an answer to this is a market that goes slower (make rules that make markets to run slowlier as we humans are not machines!) or you make a eurozone that can take decisions faster. What is is obvious is that the current system is from prehistoric times!
Maybe the big problem is that we have the eurocrisis but at the same time we also have a crisis in the way the eurozone is running! If we want the euro to survive in 17 countries it is necessary that these 17 countries give real power to a Finance Eurozone minister.
What it is obvious is that here the euro is in crisis but it is in crisis also because the way to solve the crisis is too slow and wrong made! It is as if you want to stop a fire and you have to first to look for translators so you can meet with other firemen to meet next week to see how to extinguish the fire! Unfortunately this example of the fire is the way I feel the eurocrisis is handled!
So let me ending that I do not see the people trying to solve the eurocrisis these days as idiots but just as a symbol of a Europe that believes to be very wise and in fact it is the opposite.
Anyway, the good thing is that we all can learn from all this so that the new Europe may learn from current times. Unfortunately I am still in the old Europe.
With respect to the US asking the eurozone summit to solve the eurocrisis I just wish that the US government accepted a tax on financial transactions as Angela Merkel wants. You cannot ask the eurozone to solve the eurocrisis and at the same time oppose an stop to speculation!
With respect to China I wish they could invest more in Greece. As Greece is the place were democracy was born maybe it would be a good start to invest to …
- French View of EFSF as a Bank ‘Not Definitive,’ Baroin Says (businessweek.com)
- US and China call for action on eurozone debt crisis (guardian.co.uk)
- The Australian economy is going well. For now. (thepunch.com.au)
- EU crises talks critical, says George Osborne (independent.co.uk)
- European Research Heads Get a New Body (news.sciencemag.org)
- European debt crisis has Flaherty worried (thestar.com)
- The Eurozone Crisis For Dummies (businessinsider.com)
- Germany, France grappling to agree debt deal (seattletimes.nwsource.com)
- Germany, France broadly agree on debt deal, Merkel says (thestar.com)
- Eurozone ministers OK $11B more in Greek aid (cbc.ca)
- How the eurozone debt crisis could affect developing countries (guardian.co.uk)
- Europe struggles over bailout fund (sfgate.com)
- European Partners and Activists for People Who Use Drugs (blackpoppymag.wordpress.com)
- Europe’s Undercapitalized Banks (ritholtz.com)
- The Making of a European Network of People who Use Drugs (inpud.wordpress.com)
- The BBC must not apologise for Oborne’s idiot rant on Newsnight (guardian.co.uk)