Friday, 18 May 2012

The beginning of the end?

It seems the long-anticipated euro collapse is imminent.

Daniel Hannan explains what the Eurocrats are doing about it:
Greeks are withdrawing 700 million euros a day from their banks. Sixteen Spanish banks have been downgraded by Moody's, raising the prospect of a bank run across the Mediterranean. Barack Obama has joined David Cameron in pleading with eurozone leaders to take action commensurate with the gravity of their predicament.

How is the EU responding? What are the issues at the top of its agenda this week? A financial transactions tax, a common definition of homophobia, new rules on the fishing of bluefin tuna and gender quotas on company boards.

When the world lurches beneath our feet, when old certainties crumble, we often withdraw into the familiar. In their panic, Eurocrats and MEPs have reverted to what comes naturally: proposing more regulation.
I suppose we should be grateful that they're not trying to tackle the serious problems. Their cure would surely be worse than the disease.

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