Exasperation at EU debt crisis hand-wringing

The overhaul in 2011 that could have put the eurozone on the front foot never happened according to writer.

Instead, European leaders have spent months discussing how much pain to inflict on private holders of sovereign bonds in a restructuring. They also devoted their energies to drawing up a 'pact' to reform their economies – measures Daniel Gros, the Brussels-based economist, argues will solve the next crisis, but do nothing to alleviate the current one.

Policymakers elsewhere, including in the US, are growing exasperated with the months of public hand-wringing.

ESO: Background information: Europe’s return to Westphalia http://www.europeansources.info/record/europes-return-to-westphalia/

ESO: Background information: Greek default is just a matter of when, not if / Delaying tactics are only increasing the costs of the eurozone crisis http://www.europeansources.info/record/greek-default-is-just-a-matter-of-when-not-if-delaying-tactics-are-only-increasing-the-costs-of-the-eurozone-crisis/

The New York Times, 29.6.11: Old continent, indeed (via PressEurop) http://www.presseurop.eu/en/content/article/747091-old-continent-indeed

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