Editorial, New York Times | December 10, 2010
The scale and urgency of Europe's financial crisis is not being confronted, or even acknowledged by its leaders. ++ "Europe needs to move forward to a sustainable euro, not back to the days of competing currencies". ++ For that to happen, it needs an intervention fund big enough to face down the markets. ++ Yet, Angela Merkel has been bowing to domestic opinion polls, blocking such a move and EU chiefs have been indecisive. ++ A plan to restructure debt and mitigate austerity measures exists, but there is no EU leader to implement it.