Europe’s constitutional literalism

Some frustrated words about the state of European political economy:

What we have, in other words, is a meta-debate about whether policy options are permissible, instead of a debate about whether they are sound. A debate in which what is permissible is defined narrowly, as whatever is specifically ‘foreseen’ in documents written years ago, instead of broadly, as whatever those documents do not explicitly forbid. And a debate in which it is hard to avoid the conclusion that policy options are being construed as impossible because they are politically unpalatable to the people who would have to carry them out.

More here.

First Thoughts on the Eurozone Summit

Burning a bit of midnight oil – a post up at Foreign Exchange on the eurozone summit and its results. Really short version: ‘It is hard not to see a game of hot potato at play here which eventually has to come back to the ECB.’

Read the whole post here.