A two-pronged defence of the Euro

In a Tribune published by the Frankfurter Allgemeine Zeitung and Le Monde, Henrik Enderlein says that “a combination of the European Financial Stability Facility (EFSF) and the European Stability Mecanism (ESM) is the last chance for a quick solution to the crisis” in Europe.

Notre Europe offers the English version of the article.

“The current weakness of the Euro against the US dollar is not just the result of the different economic and interest rate outlook in Europe and the USA but also reflects the greater scepticism of the financial markets towards the management of the crisis in Europe. This scepticism is comprehensible. While in the past two years there was hope that Europe would still come up with a comprehensive approach to solving the crisis in the end, this led to disillusionment in the second half of 2011. There does not currently seem to be any comprehensive approach to a solution which seems to be politically and legally achievable. (… )”.