Euro zone crisis: Whose fault is it?

I find it rather predictable that nobody wants to own up to the mistakes that were clearly made over the euro.

Seasoned crews furnished with the responsibility for keeping it afloat and steering it through choppy waters have been squabbling among themselves since it ran aground.

This weekend the ex-president of the European Commission Jacques Delors waded into the fray.

Margaret Thatcher’s former sparring partner – remember the famous “the lady’s not for turning” speech at the Conservative Party Conference in 1980 – believes flawed “execution” is to blame for the crisis which could see the beleaguered single currency off in a few days time.

The chief architect of the European Union told The Telegraph newspaper that “everyone must examine their consciences” before referring to “a combination of the stubbornness of the Germanic idea of monetary control and the absence of a clear vision from all the other countries”.

The Economist was less diplomatic in its euro zone analysis piece, Is this really the end?

The magazine pointed the finger at “pigheaded brinkmanship”.Rather tellingly, when asked about the part his country played in the run-up to the current crisis, Mr Delors – who reigned as president from 1985 to 1995 – declined to comment.


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