YOU would hunt hard for a better illustration of the maxim that the European Union is capable of reforming itself only in times of crisis. The euro summit on June 29th was supposed to be the first proper chance in years for leaders to take tough decisions on boosting the resilience of their common currency. Instead, it turned out to be a stale dessert after the meaty migration debate that had occupied the previous night. The statement issued by the leaders after the summit contained just 220 words.
It was a disappointment for Emmanuel Macron, France's president, who has argued passionately for deep reforms to put the currency on to a more stable footing. Last week he and Angela Merkel, the German chancellor, had issued a joint initiative on euro-zone reform that was more ambitious than some French observers had dared hope. Crucially for Mr Macron, the agreement did call for the establishment of a euro-zone investment budget. If the proposal fell well short of the full macroeconomic...Continue reading
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