Europe’s Problem Is That No One Knows Who’s In Charge -- The Telegraph
It’s no good calling for leadership if none of the EU leaders has the authority to act.
When the euro began, it proved difficult to agree on the design of the banknotes. In the end, its founders settled on pictures of bridges. British pound notes signify the national bank’s quantity of money (originally a weight of sterling silver) under the authority of the sovereign (the Queen). Euro notes are much vaguer. They express an aspiration. Those bridges represent man’s attempt to link what is naturally separate.
Now the bridges are cracking, and it turns out that it isn’t really anyone’s job to pin them together. Something called the troika – the European Commission, the European Central Bank and the International Monetary Fund – is handling the crisis, but the very fact that these three entities have to be triple-yoked indicates the problem. The only power that actually might be able to do something is Germany, and it seems paralysed.
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Update: Europe has six weeks to find debt crisis solution, warns Chancellor George Osborne -- The Telegraph
My Comment: I call this a "Duh" moment.
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