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.