Guess what? The dynamic duo, or rather The Frau and her side kick le petit Nicholas are at it again!
Somehow, to their great surprise (if nobody else’s) their most recent Great Fix achieved just about what their earlier fixes achieved. Zero. No, that would be good! Minus zero, negative returns. The Italian bond spreads have gone up, despite the desperate efforts of Mario Draghi to buy up what he can. The Euro has gone down in value, which is good for exports but definitely Not what The Frau wanted. She demands and expects to have when she demands, a Strong Euro!
And worst of all for this fantastic scheme, little upstarts like Finland! (Of all the cheek, smack in the middle of the German sphere at that too!) has said it does not wish to lose it’s veto. And quite frankly why should anyone lose their veto power just because The Frau so demands?
Anyway, since, as she believes, whatever Merkel wants Merkel gets (like Lola in times gone by) the Merkozy has decided to hold YET ANOTHER SUMMIT! How about that? What a wonderful idea! Now this time, yes this time, they will get it right! Won’t they?
Perhaps Finland has shown the way. The Frau cannot impose her will like the school yard bully. Or if she does, there won’t even be a school yard left where she can throw her weight around.