Europe’s Abysmal Crisis Management
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July 4 (Bloomberg) -- I don’t share financial markets’enthusiasm for the European Union’s latest moves to stabilizethe euro area, and I don’t expect the thrill to last long. Sure,last week’s summit made some progress: It wasn’t quite stasis asusual. Yet one thing hasn’t changed: EU governments keep makingthe same basic error.
Their signature mistake is to conflate three distincttasks, each requiring action with different degrees of urgency.You know the saying, first things first? I’m told it’s useful inemergencies. You know, before clearing wreckage from thehighway, get the injured out of the cars, that sort of idea.