Simply said, Europe has telegraphed that it has failed to even plan for a plan.
This excludes some pretty major conferences, such as the impromptu pow-wow for Jean-Claude Trichet’s retirement in Frankfurt last Wednesday, and a bilateral summit between Angela Merkel and Nicolas Sarkozy on Saturday.
- Friday afternoon: Eurozone finance ministers
- Saturday: EU finance ministers
- Saturday: EU foreign ministers (general affairs council)
- Sunday morning: EU national leaders
- Sunday afternoon: Eurozone national leaders
- Wednesday: EU finance ministers
- Wednesday (tbc): Eurozone finance ministers
- Wednesday: EU national leaders
- Wednesday: Eurozone leaders
But for those curious about the largely irrelevant details, here they are again from the FT:
Oh, and don't think for a minute that the US is in any way better, or immune: it isn't! Courtesy of the massively interconnected network for global debt, as represented most recently here, we know that any blow up in Europe will immediately shift over to the US. And when that happens, everyone will hit the turbo print button.After a two hour overrun, the meeting of the EU 27 has broken up here in Brussels, to be followed by a pow-wow of the 17 eurozone members. This could be another late one.
One thing we know has been agreed so far: more meetings.
Instead of a single summit of eurozone leaders next Wednesday, as had been planned on Thursday afternoon, it now looks like there will be at least two – but probably three – more separate get-togethers.
The most important of those will be European Council (of 27) just before Wednesday’s eurozone summit.
This is painted as a big win for Britain and Poland, the biggest “outs” (of the eurozone) who are afraid of seeing their influence on the wider EU wane by literally not having a seat at the negotiating table for the big decisions taken by eurozone leaders.
The rest is Weimar history.