Wall Street Journal
January 14, 2011
The European Union is kicking the can down the road. Unfortunately, the road happens to be the one from the end of “Thelma and Louise”.
For those who don’t remember the film, they drive off the edge of the Grand Canyon.
The EU’s hitherto temporary rescue packages designed to save the euro look like they’ll be made permanent. Although a final agreement isn’t likely to be reached before March, a trillion dollar funding pool will probably end up backing the single currency.
Unfortunately, the likelihood that the deal produces anything other than the usual Eurofudge is painfully low. That’s because there is a distinct lack of political will to establish, monitor and enforce the sort of fiscal rules necessary to prevent a repeat of the current crisis.
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