After yesterdays tantrum by yours truly, it emerged today that our intrepid PM, Mark Rutte, came out solidly against introduction of eurobonds in the short term (NL):
Caretaker prime-minister Mark Rutted (VVD) thinks that European bondscould be an option five or ten years from now, when economies have converged. ‘But at this moment it would be insanity’. This is what the PM said during question hour on Tuesday.
In the mean time it has emerged that Frau Bundeskanzlerin Merkel also is keeping immediate introduction of banking unions and shared debt responsibility at arms length.
The things is that full implementation of the ‘master plan’ cobbled together by the head honchos of the EUnion will take months and years to come to fruition. That is a measure of time that is at least an order a magnitude larger then what would be needed for effective measures (if there are any) to solve our current crisis. In short succession this last week, we learned that Spain is on the ropes, Cyprus will be next to ask for bail-outs, and Italy is far worse then earlier admitted to. The collapse of Olympus is quickening.
Hence a thought occurs: Have some parties given up on the euro and the EUnion? Are the willing noises reported yesterday only aimed at putting the eurocrats at ease, right before their world is about to crumble? Do some of our leaders finally realize the EUnion is out of time, and a disintegration of the eurozone and the EUnion is now inevitable?
One hardly dares to hope. But there is a glaring asymmetry between the tempo of the euro crisis and the tempo of in which the EUnion ‘master plan’ can be implemented. There just may be some hope yet.