[Philippe Legrain] For ECB, now is the time to act
Dec 16, 2011
BRUSSELS ― Panic is beginning to overwhelm the eurozone. Italy and Spain are caught in the maelstrom. Belgium is slipping into the danger zone. As France is dragged down, the widening gap between its bond yields and Germany’s is severely testing the political partnership that has driven six decades of European integration.Even strong swimmers such as Finland and the Netherlands are straining against the undertow. Banks are struggling to stay afloat ― their capital providing little buoyancy as fu