Observers weren’t expecting much from the mini-summit Thursday in Strasbourg, France, where French President Nicolas Sarkozy, German Chancellor Angela Merkel, and Italian leader Mario Monti met to discuss Europe’s dire debt crisis. Such lowered expectations proved well-founded. Because even as the situation threatening the …
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Whither the European (Dis)Union?
Is significantly greater integration the surest way to prevent both the euro and even the entire European Union from blowing apart? Or is EU federation–and the basic powers national governments now wield being weakened in the process–exactly the kind of radical fusion certain to send countries jealous of their sovereignty fleeing …
Europe’s Debt Tragicomedy: Horror Show Turns Into Shambolic Farce
There are occasions when even the scariest of movies will push the atmosphere of dread, danger, and doom a bit too far, and leave the scenario of improbable horror and panic feeling just stupid. That moment has arrived in Nightmare On Euro Street, as people who watched Europe’s escalating crisis through their fingers in terror begin …
France’s New Austerity Measures: Is It Too Late to Put Out the Fire?
French Prime Minister François Fillon unveiled another batch of debt-reduction measures Monday—and in so doing officially removed the word “austerity” from the blacklist of political correctness to which it had been banished. Instead Fillon rehabilitated the term as the weapon capable of preventing contagion of the euro zone …
At Cannes G20 Summit, Europe’s Currency and Leadership Pushed to the Brink
They may be clichés, but the phrases “life isn’t always fair”, and “things don’t necessarily work out the way you’d like” are cruel realities that French President Nicolas Sarkozy has to be ruefully mulling over just now. Rather than basking in the sunlight of a France-presided G20 summit meant to usher in major …
Why Protest-Happy France Has Snubbed The Occupy Movement (For Now)
An excellent story by Reuters just went up today describing why it is a people known to be as siege-prone, strike-happy, and demonstration-loving as the French have not followed Greek, Spanish, American, British, Indian, and other protestors staging relatively successful Occupy movements these days. The piece notes how that docility …
Greek Referendum Threatens EU Debt Accord Ahead Of Crucial G20 Summit
As predicted, the relief and relative calm produced by the Oct. 27 agreement between European Union leaders battling the tightening euro zone debt crisis didn’t last long. Markets just aren’t ready to do with the fruits of optimism when there’s still so much to be made from low-hanging pessimism. Less expected, however, were …
On Either Side of the Atlantic, Protesters Find Power in Vagueness
Their dilemma isn’t new, isn’t easy, and may eventually require tough choices that will impact the very existence of their movement: How can the growing ranks of the motley anti-Wall Street protest prod an entire system to change when most of the U.S.’s economic establishment, political class, and a significant portion of its …
Euro-Rage: The President of the European Central Bank Loses His Cool and Parliamentarians Bicker
There are several reasons one might have chosen to attend the Sept. 8 press conference at the Frankfurt headquarters of the European Central Bank: to find out what the ECB had decided on interest rates (the bank held its benchmark interest rate at 1.5%) or how it had revised its growth forecasts (down to 1.6% from 1.9% in 2011 and …
How European Leaders Are in the Same Boat as Obama When it Comes to Debt
A few of you, or at least your 401(k)s, may have noticed that financial markets plummeted again on Thursday. European markets closed at or near two-year lows across the board and the Dow closed down more than 400 points.
Asian markets Friday morning opened in the tank: the Nikkei index tumbling more than 2.5%, Sydney down 3.5%, …
The Merkel-Sarkozy Summit: A Minimalist Affair
It says a lot about the dramatic crisis facing the euro zone when the leaders of its two biggest economies go into a highly scrutinized summit amid promises, assurances, and even a form of hype stressing that nothing much will come from it. But that’s precisely the buzz surrounding this afternoon’s Paris meeting between German …
Britain’s Riots: A Grim Portent of the Consequences of Europe’s Economic Crisis?
To reduce the riots that have shaken Britain this week to nothing more than criminal wickedness, as Prime Minister David Cameron and his cohort tend to do, is a dangerous exercise in denial. And it barely survives the most cursory scrutiny: Thousands of people don’t suddenly take to the streets to manifest wickedness as if in …
In Greece’s Austerity Intifada, a Challenge to Western Economic Orthodoxy
Tens of thousands of young people — and many older ones, too — gather in the main square of the capital, driven to protest by the despair of unemployment and a social system that cannot meet their aspirations for a decent life. And also by their realization that those in power serve outside agendas that have nothing to offer their own …