Jeremy Warner: Why the summit to end all summits solves nothing (Daily Telegraph)
“Big things have been agreed overnight, but policymakers remain in a state of intellectual denial. On the present policy mix, the euro cannot survive.”
Ambrose Evans-Pritchard: Europe’s Punishment Union (Daily Telegraph)
“So, EMU break-up is Verboten, fiscal union is Verboten, full mobilization of the ECB – either to lift the South off the reefs through reflation, or to back-stop the system as a lender-of-last resort – is Verboten. Germany will have none of it. Instead we have the summit conclusions – EUCO 116/11 of October 27 2011 – and a great deal of coercion. Please tell me what exactly has been solved.”