The key to understanding the evolution of the euro is to observe and
analyse what the Europeans do rather than what they say. They have
resolved all of the many crises that have threatened the European
integration project throughout its history of more than half a century
in ways that have strengthened the institutions and pushed European
integration forward. At each key stage of the current crisis, they have
in fact done whatever is necessary to avoid collapse.
We have complete confidence that, in the crunch, both Germany and the
ECB will pay whatever is necessary to avert disaster. The ultimate
political goals of each assure this result.
The problem for the markets is that these central players cannot say that this is what they will do. There are two reasons.
0 comments:
Post a Comment