Skip to comments.[ECB president] Mario Draghi has just weeks to save the euro, but will Germany let him?
Posted on 07/23/2012 9:55:33 PM PDT by bruinbirdman
Trotting out a now all-too-familiar line over the weekend, Mario Draghi, president of the European Central Bank, said nobody should underestimate the political will behind saving the euro, or the support the single currency continues to command among the general public.
Monetary Union, he declared, was irreversible, as if merely to repeat the assertion is to make it so.
This is the sort of pretence that policymakers feel obliged to indulge in at times of crisis it would indeed be unimaginable for the president of the ECB to say anything else but looking at the evidence around him, it seems somewhat unlikely that this wise and somewhat reserved central banker could actually believe what he is saying.
The situation, as Mr Draghi is only too aware, is utterly desperate, with Spain threatening to blow the whole thing up unless supportive action is taken soon.
As things stand, policy demonstrates the almost complete opposite of the political will Mr Draghi refers to; at every step, policymakers thwart or repudiate the sort of initiatives that might save the project. Almost nobody in Europe is ready for the loss of fiscal and political sovereignty that lasting solutions demand, with some countries already fast backtracking even on the relatively unambitious measures to fix the single currencys institutional framework agreed at the last summit.
Everywhere in the eurozone, the public is manifestly losing enthusiasm for a currency that seems to bring only economic ruin to the south and intolerable bail-out obligations to the north.
Meanwhile, the idea that monetary union is irreversible is publicly contradicted by the growing weight of German policymakers who state that Greece has reached the end of the road and should remove itself from the eurozone as soon as possible. Greece is continuing to miss its economic and fiscal
(Excerpt) Read more at telegraph.co.uk ...
I see they acknowledge Germany’s near-absolute control over the European Central Bank.
Euro delenda est.
Euro delenda est.
Imperium Europum delenda est.
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