Eurozone Vision?

The European Central Bank president Mario Draghi described the current set-up of the eurozone as "unsustainable". There were rumours that Spain had already gone to the IMF, after the Spanish deputy prime minister went to meet the IMF's managing director Christine Lagarde. "My desire is to not come out and deny these rumours because they are senseless," Spanish Economy Minister Luis de Guindos said on Spanish television. Spain has taken Greece's place as the epicentre of the eurozone crisis as concerns over the health of Spanish banks have shaken markets. Bankia, Spain's fourth largest bank, has asked for another 19bn euros (£15bn) recently from Madrid, but many questions as to whether Spain will be able to afford it. Speaking to the European Parliament, Mr Draghi said: "Can the ECB fill the vacuum of lack of action by national governments on fiscal growth? Can the ECB fill the vacuum of the lack of action by national governments on the structural problem? These questions must be answered.

The next step is to clarify what is the vision for the Eurozone years from now. The sooner this is specified the better. But with no benchmark or alternative policies, surely no real vision is possible. EU economics commissioner Olli Rehn said more austerity was needed if the eurozone was to avoid disintegration. Yes, more cuts and printing even more money. Will they ever learn! We really must organise for even more effective action and resistance to all austerity which only patch up a crisis; caused by the banks and the corrupt systems they support. Ivor Timson MSc (Econ)