EVER FAILED. No matter. Try again. Fail again. Fail worse. Paraphrasing Beckett, that great purveyor of despairing angst, is an irresistible response to yet another failed meeting of EU leaders in Brussels. The only thing not to cause utter dejection yesterday was the market reaction – if it was not uniformly positive, it was certainly not negative. But don’t expect that to last.
Despite everything – the length of time the crisis has gone on, the barely calculable costs of failing to resolve it, and the clarity that exists on what can meaningfully be done to bring it under control – the response at the summit once again fell far short of what is required.
Read Full Article »