The European Union will hold yet another do-or-die summit this week. On this occasion, ?growth? is the plat du jour; the allegedly missing recipe in the ?plan? to save the euro. In addition, some suggest that this time is also “different? because Greece, France, Italy and Spain may now be ready to corner Germany to relax its sacrosanct fixation with austerity. This summit truly promises to be quite a gathering of beggars at a feast, no less.
Billions to nowhere
The outcome of previous European summits leaves little room for hope that anything substantial will be achieved this time around, except perhaps for another massive central bank intervention, as was the case after last summer?s ?Marshall Plan? summit, as well as after last December?s ?10 days to save the euro? meeting.
In the four years since the crisis broke out, the EU cannot point to a single action, policy, or even a meaningful statement that has not been questioned later, if not completely overruled by one of its members or institutions.
The only thing Europe has managed to accomplish this far is to extend its monetary union?s survival through a series of circular debt-piling rescue schemes. Precious time and billions of euros worth of bailouts into the crisis, we are now being warmed up to the next summit with the same solemn messages of urgency and hope of the past, only this time there is a new euphemism to root for: the ?growth compact.?