The EU Fab Four sings the blues

Tuesday, 26 June, 2012

Walter Russell Mead: “The ‘Fab Four’ (Spain’s Mariano Rajoy, France’s Francois Hollande, Germany’s Angela Merkel and Italy’s Mario Monti) reaffirmed a pre-existing agreement to make some mostly symbolic adjustments to European policy, whomping up an air souffle that the Club Med countries plus France can claim is a “growth” package, but it is mostly made of old money and spin.” Money quote:

“Other than that, they seem to have just wasted time repeating the stale old things they have been saying to one another for more than two years. The Latin caucus told Germany how very nice it would be if Germany would pay more money to reduce their borrowing costs and Germany thanked the Latins for the advice but declined to share its ATM card and PIN with its hungry friends.”

No way, says Mead. Meanwhile, the euro “gang of four” is working on a cunning plan. Fab.

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