Sunday, July 31, 2011

Europe’s Last Taboos

Jean Pisani-Ferry

Europe is not a federal state, but the euro zone’s resilience would be greatly boosted if deposit insurance were pooled
You can always trust the Americans, Winston Churchill said, because in the end they will do the right thing, after they have exhausted all other possibilities. For the last 18 months, this has been Europe’s method for confronting its sovereign debt crisis as well: it has taken the necessary decisions, but always as a last resort.
Once again, on July 21, the euro zone’s leaders proclaimed that what was previously unthinkable was, in fact, necessary. They gave up the pretense that Greece is solvent; admitted that excessive interest rates could only make . . . . .

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