The dawdling eurozone

For all the attention that is being focused in Westminster on the publication of the Cabinet Secretary’s report into the links between Adam Werritty and Liam Fox tomorrow, the real story is the countdown to Cannes. It is now three weeks since George Osborne declared that the eurozone countries had three weeks to save the Euro. So far, they haven’t done anywhere near enough.

There’s also little sign that this weekend’s summit will see them make much progress. The Germans are already busy playing down expectations.

From a British perspective, the intriguing question is: what does the coalition do if the eurozone continues to show no sign of getting its act together? When I asked one senior minister what would happen if the six week deadline was not met, he replied with a wry smile, ‘then we’d be even more concerned’. But if/when this question moves from being hypothetical to real, the government will have to have a proper answer.