(MENAFN- Khaleej Times) The euro crisis is now getting out of proportions. In the absence of a concrete frame of action, the push and pull of market forces are threatening to weaken respective economies, and the dilapidated euro is almost in a state of coma.
If that was not enough, Europe now boasts a leadership clash with French President Francois Hollande advocating for pan-European bonds, as a way to generate money at lower interest rates, and Germany throwing a spanner in works by citing the undisciplined side of monetary regulations.
This is there to stay for some time until and unless the bastion of crisis, Greece, decides its new political approach. The manner in which austerity has been shunned by many of the debt-ridden economies, especially Athens, goes on to suggest that the prospective engines of Europe will be at pains in dealing with their compatriots of lesser gods. Basically, it is a two-edged game underway in Europe that encompasses the political commitment to retain Greece in euro and at the same time make it behave and act as per the wish list of donors.
The task is unattainable if European leaders continue to remain at loggerheads. The sooner the uncertainty ends it would be easy for market forces to play their role, and ensure that investments and savings get an impetus, though even in adversity.
The European Union, and especially the 17-member eurozone countries, who had prided on unanimity need to do some serious introspection and collect the maximum converging points possible to sail out of the pestering recessionary trends.
Europe's opening up of markets to the outside world can get the buck moving.
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