Tightening Europe's screws

EU policymakers have no credible plan to fix the flaws of the eurozone – instead, they have decided to simply try harder with a pact whose failures have been persistent and predictable.

Whom the gods wish to destroy they first make mad. That was my reaction to the outcome of last week’s meeting of the European Union’s Council. Many focused their attention, understandably, on the decision by David Cameron, UK prime minister, to veto a new treaty. But the UK’s behaviour took attention away from the failure of the eurozone’s leaders to devise a credible remedy for the ills of the currency union. They propose, instead, to tighten the screws on fiscal deviants. It may feel good. But it will not work.

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