With Greece’s membership in the euro zone teetering, fears of bank insolvency rising and Europe’s leaders bickering about what to do, the euro crisis is once again intensifying and threatening to undermine fragile growth globally.
At a summit meeting in Brussels on Wednesday, regional leaders failed to signal any significant new steps to stimulate the sputtering regional economy or resolve the competing agendas of President François Hollande of France, who favors stronger action to spur growth, and his German counterpart, Chancellor Angela Merkel, who has opposed aggressive moves to ease the pressure on Europe’s weakest economies.
Yet, the urgency for a solution to the region’s debt crisis, now in its third year, may never have been greater.
It is extraordinary. The sense of lack of political leadership and drift in Europe is unprecented in modern times. It makes me think of: ‘Where there is no vision the people perish.’