This is an excellent MUST READ article by Wolfgang Münchau, published in the FT. Check it out!
Münchau focuses on three pivotal themes:
Manchau concludes the the future direction of the EU will be clearer by the end of the year. I am less confident, in that I see less consensus towards truly European solutions. I envision that future crises will still be handled on a fire-fighting, muddling through basis, without the benefit of underlying strategy.
Most of all, I envision that Southern Europe will continue to struggle against the strait-jacket of the Euro. Austerity will continue to destroy economic ans social life. Meanwhile, big US investors have returned to Europe and speculators will attack the weak without mercy, Of course, matters are not helped by German Chancellor, Angela Merkel’s incapacity, following a skiing accident.