We've suggested that only the grown-ups get to play when the chips are down: and also that the big players have big levers to hand - Which They Will Use. Careful if you're in the way when it happens.
Well, the euro-chips are down all right. Who are the grown-ups now? The Germans are in no doubt: its themselves, them and a few of their trusties. That was the thrust of the Bagehot piece last week, and here's an interesting article from the Speccy consistent with that view. Many of us will doubtless have had lectures over the years from German acquaintances along the same lines: you Anglo-Saxons (oh the irony) and your irresponsible, short-termist market games - someone needs to be planning for the future !
Then again, perhaps they are kidding themselves. Is it inevitably to be the real Big Boys to sort out the mess ? Evans-Pritchard thinks it is.
And does Britain get heard in all this ? I'm afraid that to my ear the noises from the Westminster play-pen sound just a bit plaintive.