I wanted to write a blog with lots of clever references to the Ryder Cup and how a German bailed Europe out (again). But as most of the work was done by Brits, it didn’t really work.
It is difficult not to write about Europe however tedious the subject is becoming.
We have to now come to the conclusion that the Leaders (and there are way too many) of Europe are not able to control a debt crisis that has never been under control and is becoming worse day by day.
Civil unrest has to be the biggest concern of any politician. Opinion polls are all very well but to galvanize thousands, tens of thousands or even hundreds of thousands to take to the streets things must be pretty serious. It is glib in the extreme to pass demonstrations off as part of the volatile nature of the Spanish or the Greeks but to sit in an ivory tower in Frankfurt or Amsterdam, Helsinki or Brussels and preach austerity will not come close to solving the problem.
Applying what is essentially German economic policy to the Southern European countries will not work. The overall economic policy for Europe must be equitable for all but as things stand that is the paradox of the EU.
No one in the North is going to agree to the policies that will enable to South to grow their way out of the crisis.
Devaluation is not an option especially given its inflationary effects.
Is the end nigh? Well it’s certainly drawing closer with every half considered measure that is doomed to failure by lack of commitment.
As I have written before until the EU has a leadership that rises above the politics of the individual states, every measure will be doomed to failure by self-interest and political expediency.