Europe hasn’t turned the corner yet

In the manic-depressive history of the Euro crisis, the past week has seen the patient perking up and chatting enthusastically about the future. On 12 September, Germany’s constitutional court upheld the country’s participation in the European Stability Mechanism (ESM), a permanent bailout fund with up to 700 billion euros at its disposal. There are proposals on the table for common Eurozone banking supervision, which may ultimately lead to banking union. And after years of avoiding it, the European Central Bank (ECB) has agreed, where necessary, to buy unlimited quantities of bonds from countries that have accepted rescue plans.

In the manic-depressive history of the Euro crisis, the past week has seen the patient perking up and chatting enthusastically about the future. On 12 September, Germany’s constitutional court upheld the country’s participation in the European Stability Mechanism (ESM), a permanent bailout fund with up to 700 billion euros at its disposal. There are proposals on the table for common Eurozone banking supervision, which may ultimately lead to banking union. And after years of avoiding it, the European Central Bank (ECB) has agreed, where necessary, to buy unlimited quantities of bonds from countries that have accepted rescue plans…

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