26 October 2011

The Summit, somewhat

OK, it's started.  But don't get too excited.  I've been to these EU gatherings (not a summit of course, but they don't differ radically from those at a lower level).

Remember, there are 27 participants (not counting the IMF, the Commission and various odds and sods).  These are heads of government and they will each want their say.  Allow 10 minutes for each and you have already absorbed more than four hours.  Then there's dinner to get through, say another two hours.  And, then, assuming something has been agreed upon (fat chance!), the non-euro states depart and the Eurozone states go into conclave.  Of course, it is now after midnight, by which time the leading participants are thoroughly pissed off at the failure to make progress.

Do you still wonder why they are incapable of doing more than kicking the can down the road?

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