Euro crisis only at beginning of steps to climb out of hole - Rushing out the office to sit in on Syria debate at UN Security Council, cannot help but feel that EU optimism is overdone. The “Fiscal discipline agreement” is a good step – an essential step but the EU/Eurozone is not even yet in half stride and clear direction toward that goal. More “summits” as the one just concluded last night will need to take place in order for critical measures not only to be adopted but further defined and then independent. Tattering at Center & Fringe? That Czech Republic has joined the United Kingdom though may be an ominous indication. Each such summit in Brussels and round of new elections/parliamentary debates at home delivers more risk of discord and tattering of unity within the EU/Eurozone negotiation rooms. German efforts to disciple smaller members, (or takeover effectively fiscal policy for disobedient members, will meet with not only resistance but a counter momentum in favor of “sovereignty” by economies and populations beaten down by austerity. The Three EUmigos! In the last three months, Germany’s Merkel, France’s Sarkozy and Italy’s Monti have assumed a sort of EU leadership or the Three EUmigos, (see Photo), in image and to large degree substance consciously looking to project unity. However, also recall that at least 2 of 3 could get shot out of saddle in next few months. Nicolas Sarkozy faces an uphill re-election bid this spring and that Mario Monti is only a bureaucratic caretaker of Italy’s government subject to the political will of competing parties. To say much more as to what the future holds would be fortune telling rather than analysis. However, one point is certain, the future for the Eurozone is still uncertain – not so much the survival of the Euro but an economic malaise and recession that will hit EU and broader Europe with different intensity and varied implications for electorates and national political debates. By Ambassador Muhamed Sacirbey –Twitter @MuhamedSacirbey Facebook – Become a Fan at “Diplomatically Incorrect” Twitter – Follow us at DiplomaticallyX International Financial Crisis Channel - diplomaticallyincorrect.org/c/international-financial-crisis
The Three EUmigos!-Euro Crisis Not Over?
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