Decision time for Europe
Europe’s leaders sadly share much in common with BP this weekend. Both large groups are engaged in a race against time to cap a noxious situation spewing out of their control. They are attempting to execute a series of technical maneuvers, using processes never tried before, under extremely high pressure and a withering 24/7 media spotlight that feeds extremism, rumor and fear. The consequences of failure will be devastating not only to the large group in question but to the broad environment around the spill for a long time to come. Even with successful actions by Sunday night, there will be innocent victims as well as not-so-innocent injured parties. This note steps back from the screaming headlines to assess the actual range of authority available Brussels and asks some hard questions for careful consideration before Asia opens for trading on May 10.
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