Financial Times
October 9, 2011
Both in commodities and equities, we are up for at least a bear market rally after a depressing few months. One price, though, has been rising quite steeply and continuously. That’s the cost of the time being bought for the euro area leadership to make up its collective mind.
As you may have noticed in your own lives, when you can’t make a decision, it’s made for you, often with unpleasant consequences. Suddenly, you find that people you never heard of before are telling you what to do, in an intrusive way.
Around now, for example, the political leadership of the euro area is learning, or is about to learn, about bank back-office systems. One Irish monetary economist told me: “The day of the payments systems nerds is upon us.”
Most people would rather be surrounded by honour guards and yes-men. Payments systems nerds, though, are needed to explain why there is no practical alternative to the rapid conclusion of a consensual, if not voluntary, deal on Greek state debt.
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