Financial Times
June 19, 2011
Some day in the far future, archaeologists from this or another planet will carefully extract the bones of homo eurocraticus from some ancient cliff face near the former location of Brussels, and determine just where his evolutionary development took a wrong turn. I am pretty sure they will set the time for this disaster somewhere in the months just past or just coming. Maybe they will be able to date it from some nearby petrified paper on “private sector involvement”; one I saw already seemed to be turning to stone.
Anyway, as small furry creatures who need to adapt as fast as possible to new circumstances, we don’t have too much time to waste right now wondering about that species. Certainly they didn’t spend their days thinking about our welfare.
What is worth one’s time is the study of some of the less closely examined sections of the Lisbon Treaty to determine what Greece’s emergency economic powers might include. Also, the very colourful recent history of Argentine finance provides some further clues about how to preserve capital and income. Whatever doubts you may have about the governance and policies of the IMF, the staff studies on emerging market crises, Argentina’s in particular, are quite good. The eurocratic class should have spent more time adapting emerging market restructuring methods, less on maintaining appearances.
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