We have one week to save the euro. Mario Monti.
If there is one thing we should have learned over the last three years is that whipping up anticipation that this is the summit that will finally* get a handle on the euro crisis is a foolish thing to do.
Sure, they will come up with a plan for a blueprint of a road map that on paper will solve all the problem confronting the region, in theory. In practice, 17 parliaments will have to approve the proposed changes, and therein lies the problem.
We’ve yet to pass the ESM law through all the euro zone parliaments and that sucker is supposed to come into existence in a week!
Slow your roll, Mario, or you’ll end up with carbonara all over your face…