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2011-12-07

All we have so far is a Stability Pact with extra lipstick (Fiskalunion).

A blizzard of silly proposals has hit the wires this week as a legion of ministers, diplomats, commissars, high secretaries, and fellow travellers all lobby and conspire to create "momentum" behind pet themes. 

In the meantime, nothing workable is actually on the table before the "summit-to-save-the-euro" on Friday.

Be careful. Do not be distracted by Byzantine absurdities. And don’t listen to anybody who uses the term fiscal union. 

There is no such proposal. 

All we have so far is a Stability Pact with extra lipstick (Fiskalunion).

Ambrose Evans-Pritchard,  December 7th, 2011

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