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Saturday, 12th November 2011

Who speaks for the euro?

Daniel Korski 5:04pm

That's a more relevant question that you might think. Despite European leaders talking for ages about the nonsensical notion of the EU 'speaking with one voice' after the Lisbon Treaty, the situation is much more confused today ever. No fewer than six people purport to speak officially for the Euro, while people actually tend to listen to two different leaders altogether.

There is ECB chief Mario Draghi, but also Jose Manuel Barrosso, the Commission President; his colleague Oli Rehn, the Commissioner for Monetary Affairs; Jean-Claude Juncker, the head of the Eurogroup; Klaus Regling, head of the EFSF; and finally Herman Van Rompuy.

Add to this the two leaders people and markets actually listen to – Angela Merkel and Nicolas Sarkozy – and Europe has a recipe for miscommunication. With a new set of European arrangements supposedly being mulled over in Paris and Berlin, I would be surprised if institutional consolidation was not included.

Filed under: Angela Merkel (91 more articles) , Euro (190 more articles) , Europe (754 more articles) , European Union (163 more articles) , Eurozone (100 more articles) , Herman van Rompuy (10 more articles) , Nicolas Sarkozy (109 more articles)

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fergus pickering

November 12th, 2011 5:16pm Report this comment

All of the six are overpaid nobodies who speak for their salaries and the continuance of them for ever and ever. As for the euro - what bloody euro? We were right and all these very important persons were wrong. They've got a bank which isn't a bank, perfect forma currency which isn't a currency. OK for holidays but not much else.

startledcod

November 12th, 2011 5:17pm Report this comment

I, Spartacus, speak for the Euro.
No I do, I'm Spartacus.
It's me, I speak for the Euro, I'm Spartacus.
I'm Spartacus, I dpeak for the Euro.
I am Spartacus.
No I am.

Verity

November 12th, 2011 5:44pm Report this comment

Frank P has resigned his much admired and applauded position on this blog, but Korski lingers.

Life is so unfair.

Mr. Bubbles

November 12th, 2011 6:05pm Report this comment

Oh I dunno, maybe you, Mr. Korski? All the damn time.

oldtimer

November 12th, 2011 6:06pm Report this comment

I am under the impression that they all speak at cross purposes, not least Merkel and Sarkozy. Not that it matters as Tim Worstall succinctly points out over at The Register in an article "The EZ crisis: We`re all doomed."

They are incapable of moving fast enough, even if they all agreed on the direction of travel. The markets travel much, much faster and in a different direction.

whatawaste

November 12th, 2011 6:11pm Report this comment

As Obama said during the G20 conference:

"You have so many institutions over here in Europe. It is very confusing. In America I just pick the phone and call the Federal Reserve".

Nuff said.

Herbert Thornton

November 12th, 2011 6:35pm Report this comment

Reading Daniel's question about the Euro brought to mind the unreal scenario evoked by Edward Lear's Owl and Pussycat: probably because the whole thing has so much in common with the fantasies of the EEC.

I'm not going to attempt a re-write of Lear's wonderful verse, but I do invite folk to read it - and when they do, to think of the Owl as Sarkozy, the Pussycat as Merkel, the five pound note as the Euro, and the Piggy-wig with the ring in the end of his nose represented by Cameron - led of course by Clegg pulling the cord attached to the ring. Oh, and think not of a runcible spoon but of a Rompuycible spoon.

Heartless P.

November 12th, 2011 6:50pm Report this comment

Aboard the Ship of Fools, everyone babbles.

In2minds

November 12th, 2011 6:51pm Report this comment

"Add to this the two leaders people and markets actually listen to – Angela Merkel and Nicolas Sarkozy"

Pure comedy! Well over a year ago the potato faced loon Merkel said 'it was time the markets were brought to heel'. So were they listening then, and are they listening now?

Actually the remark above is beyond comedy it's fantasy!

Bluebottle

November 12th, 2011 7:21pm Report this comment

Who cares who speaks for the Euro? Whoever it is will be telling the same lies we've been hearing for the past 20 years.

A more apposite question is the one asked by Daniel Hannan:

"Who, then, speaks for the millions who reject the loans-for-austerity racket? Who speaks for those who must watch their future being sold in order to sustain the euro? Who speaks for the over-taxed, the taken-for-granted, the lied-to, the ripped-off, the ignored?"

We have yet to see whether he has the answer.

martin alexander

November 12th, 2011 7:35pm Report this comment

In2Minds

Merkel is a Quine not a Loon...Unless you know something I do not..

Martin, Aberdeen

mal

November 12th, 2011 7:36pm Report this comment

The EU has just reached the point where they are so bloated that no one knows who is responsible for what - and no one takes responsibility for anything. And all of it producing nothing whilst costing the tax payer everything, If it were a company it would go bust.

Cynic

November 12th, 2011 7:45pm Report this comment

Haven't you just listed the members of the GdF? Collectively they run the euro, don't they? And what a fine job they're doing, too!

Yow Min Lye

November 12th, 2011 7:48pm Report this comment

The EU is a bureaucracy, not a country. Therefore it needs lots of leaders (preferably paid huge salaries for doing nothing of any great worth).

strapworld

November 12th, 2011 8:03pm Report this comment

Jonathan Swift could have been writing about the EU!

"And he gave it for his opinion, that whoever could make two ears of corn, or two blades of grass, to grow upon a spot of ground where only one grew before, would deserve better of mankind, and do more essential service to his country, than the whole race of politicians put together" Voyage to Brobdingnag.

or my favourite quote:-

"He had been eight years upon a project for extracting sunbeams out of cucumbers, which were to be put in phials hermetically sealed, and let out to warm the air in raw inclement summers"..Voyage to Laputa.

In2minds

November 12th, 2011 8:35pm Report this comment

@martin alexander - Yes you are right, and it's Sarkozy who has the heels! Perhaps this is why the markets pay no attention?

Richard of Moscow

November 12th, 2011 8:39pm Report this comment

Does the Spectator's Korski ever read the Spectator? The wisdom of Taki, for instance, and many others would, or should, make a significant dent in Daniel's strange naivete.
The corker on this thread is that "people and markets" listen to Merkel AND Sarkozy.
1. The markets are the people. Who on earth are the markets in Korskiworld? Alien lizards?
2. In a similar vein, Sarkozy is a good boy, knows his place, and he says what Merkel tells him to say.
The interest in Sarkozy is how many theatrical strops or childish sulks he will perform before he agrees.

Put even simpler, the relationship between France and Germany is a little like that of Tony Blair and Clinton / Qathaffi / Desmond / Murdoch / Cherie / Bush / Putin / J P Morgan / Assad...

Andy Leeds

November 12th, 2011 9:02pm Report this comment

And who speaks for those not in the Euro but members of the EU ? Who will oppose Franco-German arrogance which is destroying EU and driving the whole continent towards war ?

Herbert Thornton

November 12th, 2011 9:18pm Report this comment

Another way to answer Daniel's question is to point out that there is nothing to be said for the Euro.

Verity

November 12th, 2011 9:54pm Report this comment

What about the fat, gruesome "baroness" Ashton? Could she speak for the euro? Or would she be too busy? What does she do, actually?

Read this. It's hysterical. And in the photo, she looks as though she's competing with David Cameron to lay a bigger egg.

http://www.telegraph.co.uk/news/worldnews/europe/eu/8800105.html

"Baroness-Ashtons-staff-EU-foreign-corps-are-nightmare."

Why are fascist female politians always fat? Is it genetic?

Malfleur

November 12th, 2011 11:04pm Report this comment

Well, where this magazine is concerned the answer is Daniel Korski.

But seriously folks, Mr. Korski is just re-processing Nigel Farage's point on 9th November: *ttp://www.youtube.com/watch?v=hAhswPt50KQ

You don't have to listen to the whole thing, he gets to the point in the first minute.

Malfleur

November 12th, 2011 11:10pm Report this comment

Mr. Bubbles

Apologies, you got there first. Chapeau bas!

EC

November 12th, 2011 11:31pm Report this comment

Who speaks for the Euro?

Nigel Farage is the only politician who has consistently told the truth on this issue. He has been proved right too.

Liz Brown

November 13th, 2011 10:07am Report this comment

You omitted the ghastly Christianne Lagarde. But what you describe is the secretive Francforter Group who are reported to have held separate and secretive meetings at the most recent and inevitably shambolic G20 in Cannes.
Also omitted from your report is that with the exception of Merkozy, none of those mentioned has been elected by we, the people

Boudicca

November 13th, 2011 10:16am Report this comment

Who speaks for the PEOPLE, Mr Korski? You remember US, the people who have to pay for the inflated salaries and perks of the EU oligarchs. The people who will have to pay for the EU's single-currency-folly and their hubris and arrogance.

Who speaks for the PEOPLE, who never wanted a political superstate Mr Korski.

We are denied the opportunity to speak for ourselves. Who speaks for US?

The EU is a monstrosity that must be destroyed.

David Parker

November 13th, 2011 10:57am Report this comment

Herbert Thornton,

How about the Jumblies for the Roons?
Their hair was green and their hands were blue and they went to sea in a sieve.....

...But when the sun was low in the West the Roon arose and said, what little sense I once possessed has quite gone out of my head.

Augustus

November 13th, 2011 2:59pm Report this comment

"the two leaders people and markets actually listen to – Angela Merkel and Nicolas Sarkozy".

Actually, the cultural, mental, and economic
differences among Euroland form the Achilles' heel of the whole euro project, and it's those differences which have increasingly been put under the microscope by the markets. The markets have got to the stage that they no longer know what to think; all they want is certainty. But how that certainty is to be offered is still uncertain. This coming week will show whether, after aiming their arrows at Italy,
the markets will be aiming them at France.

Herbert Thornton

November 13th, 2011 11:50pm Report this comment

David Parker (November 13th, 10:57am)

Thanks for the reference. I guess that there are several literary works that present parallels to the absurdities of the EEC and Euro - e.g. Gulliver's Travels and Alice in Wonderland. Even the verse about Xanadu and Kubla Khan decreeing a stately pleasure dome there. For Xanadu of course read Brussels and for caverns measureless to man, read debt levels measureless to man.

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