If we expect Europe's central bankers to find solutions to the increasingly desperate problems facing the eurozone, then they must be allowed to do so. Nagging fears that they are simply making it up as they go along must be pushed to the back of our minds.
Countries which lost competitiveness during the first decade of the Economic and Monetary Union (EMU) will need to return to sustainable growth through improvements in competitiveness rather than cheap credit. This will take time but will be necessary for the long-term survival of EMU.
Perhaps this cartoon is jumping the gun a little, or maybe it's a glimpse into the future; but in any case here's my cartoon showing Super Mario Draghi taking some drastic long term refinancing action!
Rarely has an election resonated so widely across the European Union as the French presidential ballot has done. Rarely has a leadership change in one EU member state created expectations of a real policy shift.
The big eurozone has worked well for Germany. It has given the country an artificially low value for its currency which has allowed its exports to prosper. The reverse is of course true for countries like Italy and Spain.