December 28, 2012
EU Summit Reveals a Paralyzed Continent
Der Spiegel, Der Spiegel
The haggling is in full swing at this hour -- North against South, rich countries against poor ones, German Chancellor Angela Merkel against French President François Hollande. They're stuck on a word, one that would normally have a beautiful, positive sound: common. The word "common" is dividing Europe. This is what it has come to in this night of hard-fought negotiations.
For more than six hours now, the leaders of the European Union have been meeting in Brussels to discuss the future. They are here to agree on a document, and according to item 12 of that paper, there is to be a "common backstop" for the new banking union, a sort of shared resolution fund for worst-case scenarios also referred to more technically as a "shock absorption...
TAGGED: Germany, Eurozone, France, Francois Hollande, Angela Merkel, Europe