Current Magazine

EU Summit: Sarkozy Blasts Cameron, Merkel Gets Tough on Berlusconi, but Still No Rescue Plan

Posted on the 24 October 2011 by Periscope @periscopepost
EU summit: Sarkozy blasts Cameron, Merkel gets tough on Berlusconi, but still no rescue plan

French President Nicolas Sarkozy and German Chancellor Angela Merkel. Photo credit: Sebastian Zwez

As new data emerges suggesting the eurozone is close to slipping back into recession, what came out of the latest EU summit on the crisis?

Sarkozy v. Cameron. Bruno Waterfield reported for The Telegraph that French President Nicolas Sarkozy took aim at UK Prime Minister David Cameron during the summit. Quoting unnamed diplomats, Waterfield said that Sarkozy told Cameron: “We’re sick of you criticising us and telling us what to do. You say you hate the euro, you didn’t want to join and now you want to interfere in our meetings.” Which may make their next encounter rather awkward; Cameron has rearranged his schedule to attend the next EU summit on Wednesday, according to Reuters.

Germany on top. Perhaps Sarkozy was taking out his frustration at feeling second best – according to David Gow in The Guardian, the summit demonstrated that Germany has the upper hand in the German-Franco relationship, with France “in full retreat” over the role of the European Financial Stability fund in solving the eurozone crisis.

Italy in the spotlight. “In many ways, the euro-zone debt crisis is now all about Italy,” according to an Economist blog. The blog argued that eurozone leaders are tiring of Italian President Silvio Berlusconi’s “buffoonery”, given that all of the main issues surrounding the survival of the monetary union hinge on Italy’s weakened economy.

Failed idea. According to a Times (£) editorial, the EU summit demonstrated “the failure of an idea”. The only option, argued the editorial, appears to be greater fiscal integration, but this may not play well with national voters: “It is a grotesque but foreseeable irony that whereas the integrationist project was supposed to create comity between nations, it has instead aggravated tensions.”

British re-think. Simon Heffer made the same point in The Daily Mail, writing that greater fiscal integration would not just affect the eurozone: “A fiscal union would have a profound effect on Britain as an EU member,” he said, referencing today’s Commons vote on the motion for a referendum on Britain’s EU membership.

Doomed? Writing on a New York Times blog, Paul Krugman was pessimistic about the survival of the eurzone: “The bitter truth is that it’s looking more and more as if the euro system is doomed. And the even more bitter truth is that given the way that system has been performing, Europe might be better off if it collapses sooner rather than later,” he said. Krugman argued that the idea of a financial rescue fund is flawed, as it would have to be backed by the major European governments – yet some of these major European governments have decidedly “shaky” economies.

You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Pull Apart Cinnamon Roll Bread

    Pull Apart Cinnamon Roll Bread

    Who doesn't love cinnamon rolls? Not many people I would assert. I saw this recipe for a Pull Apart Cinnamon Roll Bread on Pinch of Yum a while back and had... Read more

    8 hours, 59 minutes ago by   Mariealicerayner
  • $500 Weekend Blowout

    Well a month ago our $1,000 post was very successful, a number of sales took place and it brought about members engaging with one another to get some deals... Read more

    10 hours, 39 minutes ago by   Worldwide
  • Proliferation of Hate and Intolerance

    Proliferation Hate Intolerance

    Paul Brass provides a wealth of ethnographic and historical evidence on the causes of Hindu-Muslim violence in India in The Production of Hindu-Muslim Violence... Read more

    12 hours, 2 minutes ago by   Dlittle30
  • Unpacked Book Trailer

    Unpacked Book Trailer

    Introducing…The Unpacked Book Trailer!!Back in December, my friend and filmmaker Andrew MacCormack and I got to together for a chat at my cottage in Stanley... Read more

    12 hours, 9 minutes ago by   Moduffycobb
  • Currently....


    Happy Friday folks bitches! Time and Place: 4:24 p.m. At my computer in my home office looking at my dog and counting down 36 minutes until happy hour. Read more

    The 26 May 2017 by   Brisdon
  • ETSY MIX of the Week

    ETSY Week

    1 | Hoop earrings are making a comeback. These solid ones with the v shaped cutout are very pretty (umya, $56.89) 2 | A gorgeous birch wood plate to serve and... Read more

    The 26 May 2017 by   Myparadissi
  • Berghaus Dragon’s Back Race 2017 – Day Five – The Finish Line

    Berghaus Dragon’s Back Race 2017 Five Finish Line

    MARCUS SCOTNEY AND CAROL MORGAN WIN THE BERGHAUS DRAGON'S BACK RACE 2017 Marcus Scotney put aside injury concerns to lead from the front on the final day and wi... Read more

    The 26 May 2017 by   Abichal

Paperblog Hot Topics