Daily Archives: April 28, 2010

With good reason the eurozone’s political leaders have been criticised for reacting too slowly to the Greek sovereign debt crisis.  But what’s new about that?  Slowness often seems to be a defining feature of Europe’s approach to policymaking.

Consider the proposals that are in the air for the creation of a European Monetary Fund to manage Greek-style crises in the future.  There is widespread support for such a fund, ranging from the European Commission to Wolfgang Schäuble, Germany’s centre-right finance minister, and socialists in the European Parliament.