Well, I think it is now obvious that (following the articles from Munchau and Soros, and a string of leaders on the general topic of how the Eurozone need to strengthen its architecture) that the Financial Times has thrown its full weight behind the campaign for a new initiative on the European Bonds front, but what about that other stalwart of the UK Economic and Financial media? It seems to me they have yet to position themselves (unless anyone can point me in the way of something to the contary).
In this weeks Europe section, The Economist does find the time for a lengthy piece on Michael Glos’s resignation, although they do seem to miss the possibility that his leaving may have something to do with an off-stage rumpus about what Germany may and may not sign up to, preferring rather to draw our attention to his succesor’s blue blood and the fact that he has ten names. Or there is an article on euthanasia in Italy ( The Economist, understandably, never misses the opportunity to take a dig at Italy’s political class, who get so embroiled in the Eluana Englaro issue at a time when Italy’s economy is, once more, sinking fast). Or there is an article which explains how once the Balkans sneezes it then goes on to get pneumonia, but the rest of the EU no longer catches a cold.
But of the fact that there is a second round of bank bailouts coming, that German ministers are talking about bailing out whole states, that there is a lively and perfectly healthy debate taking place about whether or not the issue of Community backed bonds might help to stabilise yield spreads, of all this I can’t find any mention. Helloo, is anybody there?