EU indecision fuels insidious problems

The writer asks 'Is Europe headed for a winter of discontent?'.

He argues that there is significant hand-wringing in Brussels and national capitals about what some senior leaders believe is an alarming complacency returning to Europe’s corridors of power. The situation is reminiscent of the start of 2012, when self-congratulation turned quickly to panic as Spain and Italy were pushed close to the verge of a bailout.

On almost every main issue European leaders had promised to resolve by the end of 2012 – settling Greece’s bailout; assisting Spain with a bond-buying programme backed by the European Central Bank; completing the first step of a eurozone “banking union”; agreeing to a new seven-year EU budget – EU decision makers have deferred or avoided tough decisions.

Will it need the market to force the necessary reforms.