Wall Street Journal
Editorial
July 21, 2011
The European Union's leaders will gather yet again in Brussels today to try to stem the financial turmoil that has now spread beyond Greece, Ireland and Portugal to convulse the markets of Spain and Italy. The watchword in Brussels is that Europe needs a "comprehensive" solution to the debt mess.
Good luck with that. On Tuesday, German Chancellor Angela Merkel warned that the markets should not expect too much from today's summit. The very next day, European Commission President Jose Manuel Barroso declared that it was do-or-die time, while the French government said it was pulling out all the stops to find a "long-lasting solution."
What we can therefore expect is yet another muddle from Brussels. And that's the good news. Worse is that many of the solutions currently being debated could well prove harmful to Greece, its neighbors, the common currency and the European economy as a whole.
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