At the roots of the eurozone crisis lies of course the past indiscipline of specific member states. But such indiscipline could simply not have occurred without two widespread failings by governments as they sit at the table of the European Council: an unhealthy politeness towards each other, and excessive deference to large member states.
This week will tell us whether this lesson – which is even more important for the future of the eurozone and the European Union than a “solution” to the Greek crisis – has been learnt. The events to watch are the Ecofin Council on Monday and the European Council meeting of EU leaders on Thursday and Friday. Continue reading »