The British Prime Minister, along with almost all the rest of the world, is losing patience with the Euro leaders. Yesterday Merkel and Sarkozy met, once again, and once again agreed that something must be done, this time to save tottering European banks. But once again they could not agree on what. Those are the facts behind the waffle that said they were in complete agreement, without telling us what, exactly, had been agreed.
Either there is a secret master plan in Europe, which will suddenly slide into position, put things right and everyone will go Wow! Or there is no plan, no agreement and everything is going to be left until the situation is desperate. What has to happen is that the banks have to be strengthened against Greek and other defaults, larger funds have to be set up to support Euro governments or banks, structures have to be organised within existing treaties to manage the economies of the Euro area and the Euro leaders have got to show some determination to stop talking and start acting.
None of this appears to be resolving. Meanwhile the point has to be driven home that this is a debt crisis. Solving it by borrowing more money will only make it worse by shifting the difficulties from banks to governments and from weak economies to strong ones. The outcome will be that the strong become weak and the weak will get weaker.
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