Eurozone Watch

The Greek case is moving markets – and minds. Over the last few weeks, for instance the German government including Angela Merkel has become a strong proponent of economic policy coordination in the Eurozone. Not only financial markets are nervous these days. Politicians and high officials in particular in the Eurozone are stressed, not only because they wish for nothing less than bailing out Greece, but because they fear contagion to other Euro states such as Spain or Ireland if markets get even more nervous.

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Yesterday’s decision by the Ecofin to water down the Commission’s proposal on the reform of the European Financial Market supervision to make it little more than a teethless tiger is deplorable. But the last word is not spoken – the European Parliament seems set to give the Ecofin a hard time.

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