Bazookas may win battles, they do not win wars. So too in Europe’s financial crisis.
Europe’s great success in 2012 was to avoid becoming another of history’s failed monetary unions. The actions of the president of the European Central Bank (ECB), Mario Draghi, prevented a market meltdown and bought European leaders time to deliver on political and institutional reform. But have political leaders again chosen to muddle through, rather than meld a resilient strategy?