Saving Private Euro - Part III...
July 21th is the latests date when Eurozone and European union leaders are due to meet and negotiate a solution to a problem, that is by now familiar to schoolchildren across Europe. The lack of a unified fiscal policy across Europe is putting extreme pressures on the monetary union and hence the Euro currency shared by all countries.
The Euro itself is one of the pillars of the European Union and arguably a defeat of the euro would marginalize the European idea.
Yet, there seems to be a mysterious and forlorn feeling when listening to the main players in this situation. The president of the commission has today tried to raise awareness and work closer towards a deal. The US - by far pre-occupied with the frantic efforts to raise its debt limit, has not re-iterated its previous warnings, but no doubt the euro is causing great concern there as well.
Even more interestingly they key players that should be most active in protecting Europe's future seem almost disinterested. The Franco-German tandem seems to have seriously fallen by the wayside. While Mr. Sarcozy may use the opportunity to take the lead and gain some pre-election publicity, Angela Merkel has poisoned, rather than driven the process. Unless we see a real change for leadership in Europe than we are not very likely to see a happy end in Saving the Euro saga.