Friday, August 5, 2011

Good Cheer from Barroso

Has a major international agreement ever come undone as quickly as Europe's last best effort to deal with its debt problem:
The European Commission president, José Manuel Barroso, has been pushing euro zone leaders to do more. In a letter released Thursday, he called for a “rapid reassessment of all elements” related to the stability fund, so that it was “equipped with the means for dealing with contagious risk.”

He also criticized European politicians for “the undisciplined communication and the complexity and incompleteness” of the package agreed to at the summit meeting on July 21.

“Markets remain to be convinced that we are taking the appropriate steps to resolve the crisis,” he wrote. “Whatever the factors behind the lack of success, it is clear that we are no longer managing a crisis just in the euro area periphery.”

1 comment:

meshplate said...

The wheels are coming off, but this again is a slow motion accident. Failure to act early seems to have made action now improbable and possibly not possible.