Europe will not be saved in Brussels this Friday. At best, it will live to face another trauma. After these "10 days to save the euro" there will be 10 weeks, 10 months, 10 years. What one Brussels observer describes as Europe's "terrifying and boring" crisis will run and run. Angela Merkelcompares saving the eurozone to a marathon; actually it's more like a cross-country obstacle race, with a large new water-jump over every false horizon.
First, there is the immediate question of whether eurozone governments can win back the confidence of the markets. How difficult that will be is shown by the fact that, on the very day Merkel and Nicolas Sarkozy announced how they were (once again) definitively going to save the eurozone, Standard & Poor's put even Germany's AAA credit rating on a negative watch.
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