look at the papers too see what they said. Such an underwhelming performance in a Corporation would have led to a Board meeting this morning and dismissal.
The market and journalists are asking for one thing; clarity that the Countries are committed to the Euro project as a whole.
Instead the answers given were concerned with Germany and France and silly stories about Tobin taxes and the horriblesness of the markets.
A gimmicky stance on the harmonisation of French and German tax rates was taken; but this is a signal for the greater integration of Eurozone Countries. What is missing from the Politicians is the understanding that this is a crisis. The answer in a crisis is not a 10 year plan for Eurozone integration, as there are not 10 years to save the Euro. There may only be 10 months.
Indeed, doomsayers like Ambrose Evans-Pritchard see remarkable similarities to this August and that of 2008 in Europe. He sees a failure to realise the crisis is upon the Euro today. France and Germany are big, but they are not bigger than the global markets and they and the more desperate Eurzone Countries are reliant on the markets for funding.
So, the question has merely been ducked for a few weeks, yet again. However, it does suggest to me that the very poor leadership that we are seeing will be the undoing of the Eurozone. neither Sarkozy or Merkel is willing to tie the future of their Countries to their currency which is an unsustainable position for a currency. The crisis will have thus have a nasty end. Perhaps, the Euro will be saved when it is realised that a disorderly break-up will ensure a decade long recession (for the UK too), but the speed of events versus the speed of political change is too jarring to make this the likely outcome.