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24 hours to go and eurozone political leaders still do not seem to have grasped the historic magnitude of the problem they face.
Commission President Barroso seems to get it but the eurozone governments remain intent on fiddling around with irrelevant and immaterial technical details – see the FT on a proposed bank tax. The technical feasibility of this will be debated for years, even before the difficulties of negotiating a text and implementing it. The sums of money are too small even to dent the eurozone crisis. But if these really are the best efforts of the political leaders, then there will not be a eurozone to save by the time the remaining few members of the European Union agree on such a tax.
Let’s hope they can find some vision and courage before it is too late – my 7-point plan can be implemented this week if the will is there.
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