One of the many interesting aspects of the Eurozone crisis is how many key political and central bank leaders fail see (or at least admit) that Europe is out of time.
Even more peculiar are statements by ECB president Jean-Claude Trichet who finally does realize time is of the essence, yet Trichet ”solution” is a set of measures that must be passed by all 17 nations when those nations cannot agree on EFSF funding, on Eurobonds, on collateral for Greece, or even on whether a fiscal union or transfer union must take place.
In some instances the differences boil down to big country vs. small country concerns. In other instances it is Southern “club-med” states vs. Northern states. Some countries refuse to give up sovereignty, while others welcome giving up sovereignty.
It does not help matters when German chancellor Angela Merkel seems to change her mind on something every other week
- German court curbs future bail-outs, bans EU fiscal union [I've been waiting for this analysis!] (jhaines6.wordpress.com)
- ECB Staff Cuts Growth,Narrows Inflation Forecasts For 2011-12 (forexlive.com)
- Here’s The Angry Trichet Moment That Everyone’s Talking About (businessinsider.com)