It is the talk of Europe, but, as usual with the slow moving Euro crisis, the actual request by Spanish politicians for assistance has been met with, well...
Unfortunately, the reaction of the European institutions has been insufficient. In Frankfurt, the European Central Bank decided yet again to keep its policy rate on hold. Meanwhile in Brussels, the Commission drew up largely useful new banking rules that may help with the next crisis but do little to address the current one.
In my view, this sort of ineffectual response by European leaders has been one of the tropes of the crisis, but one thing you must give them a smidgen of credit for is the willingness to wait, and not to panic. Whether more forceful action would have been better is always difficult to know, but the slow-moving, half-measures, ponderous response to crisis in Europe has been all about hoping that things will get better in the future, and skepticism about the power of government to dramatically overhaul the economy. And that's probably not the worst idea.
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