The horrible Euro truth starts to dawn on Europe's leaders
In a speech this morning, EU President Herman Van Rompuy (poet, and writer of Japanese and Latin verse) is admitting that the gamble of launching a premature and dysfunctional currency without a central treasury, or debt union, or economic government, to back it up – and before the economies, legal systems, wage bargaining practices, productivity growth, and interest rate sensitivity, of North and South Europe had come anywhere near sustainable convergence – may now backfire horribly.
