[The Wall Street Journal]
Two statements last week following the four-way summit in Rome between the German, French, Italian and Spanish leaders capture the essence of the euro crisis and show why a solution is as far away as ever.
Responding to the latest demands that euro-zone bailout funds be allowed directly to recapitalize Spanish banks, German Chancellor Angela Merkel replied: "If I give money to Spanish banks, I'm the German chancellor but I can't say what these banks do." Later, French president François Hollande was asked about his willingness to accept further political union as the price of greater pooling of debt, he replied: "There can be no transfer of sovereignty if there is not an improvement in solidarity." Boiled down, this is a debate over whether Germany should write blank checks. There is no chance of this debate being resolved at this week's summit of European leaders. The euro zone is now at one minute to midnight. Its financial system has fragmented, confidence is evaporating, demand is drying up and deposits are leaking out of the banks.
There is now an international consensus on the measures needed to halt the immediate crisis: Massive bond buying by the European Central Bank, the direct recapitalization of banks by bailout funds and the creation of common euro-zone bonds.
Lire : online.wsj.com
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