Poor tactics on the battlefield

The struggle to save the euro, notes the boss of one of Europe's biggest banks, is a battle between the markets on one side and the political will of France and the strength of the German economy; the markets should not underestimate these.
Such martial words might be more inspiring were they accompanied by evidence that Europe's leaders and its central banker are able to overcome their differences for long enough to act decisively. Yet instead of a robust defence of its weaker states, Europe is throwing its reserves into battle piecemeal with a series of failed interventions.




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Economist