Long and short of it

6 June 2012 By Hugo Dixon

Euro pundits and policymakers too often muddle up measures to build a better union with those needed to solve the immediate crisis. There is, of course, an interplay between the two. But only quick fixes will help if Greece blows or Spain slides to the edge.

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Spanish Prime Minister Mariano Rajoy said on June 2 that euro zone leaders should agree on a fiscal authority with powers to manage member states’ budget policies and a banking union. “The European Union needs to reinforce its architecture,” he said at an event in Catalonia.
German Chancellor Angela Merkel said on June 4 that systemically relevant banks in Europe needed to come under a “specific European supervision,” adding, though, that “these are medium-term goals.”
European Central Bank President Mario Draghi warned Europe’s leaders on May 31 that the ECB cannot fill the policy “vacuum” left by national governments on plans for fiscal growth or on addressing its structural problems.
(Research by Christine Murray)

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