Daily Archives: September 19, 2011

Flowers are the traditional way to say “I love you”. But in European Union etiquette, they can just as well be the side-product of a political spat.

Romanian authorities this week-end blocked six trucks filled with flowers from the Netherlands, citing health concerns linked to unspecified “dangerous bacteria”.

The blockade came – perhaps coincidentally, but likely not – just one day after the Dutch government said it would veto the enlargement of the passport-free Schengen zone to Romania and Bulgaria.

The Dutch are not the only sceptics when it comes to expanding Europe’s borders to include the eastern duo, a decision that requires unanimity among current Schengen members.

At least a dozen other countries, including France and Germany, lined up against Schengen enlargement last year, worried that though Bulgaria and Romania had met the technical requirements laid out in the accession programme, the endemic corruption in both countries had to be addressed first. 

In a new article, George Soros warns German voters that they risk another Depression.

The Fed pumped dollars into European banks, Timothy Geithner pleaded with EU finance ministers to take quick action, and in today’s FT former Obama administration economic major-domo Larry Summers warned that incrementalism in the eurozone is akin to the slow bleeding of the Vietnam war.

It seems like the week the Americans jumped into the crisis surrounding the euro with both feet.

Now comes a compelling treatise from yet another major American economic thinker, financier George Soros, who has written in the New York Review of Books echoing Summers’ concerns about incrementalism and predicting that a common eurozone treasury is imminent – and may be the only solution to the crisis.