Friday, July 15, 2011

Lagarde sidelined in looming battle of IMF vs EU

The Irish Times has a report which includes the following in this morning's edition:

European diplomats said Ms Lagarde’s deputy, John Lipsky, made crucial interventions at that meeting.
European diplomats said Mr Lipsky arrived at the euro group meeting with a “shopping list” of bailout fund reforms, many of them mirroring proposals advanced by EU economics commissioner Olli Rehn.
With no sign of any easing in the turmoil, the IMF’s assertiveness is perceived to reflect frustration with Europe’s hesitant response to the crisis.
The fund’s mission chief to Ireland Ajai Chopra was unsparing yesterday as he called for a comprehensive solution to the debt debacle.“The problems that Ireland faces are not just an Irish problem. They’re a shared European problem,” he told reporters in Dublin at the end of an EU-IMF “troika” mission to Ireland.
“What we need and what’s lacking so far is a European solution to a European problem. What’s critical now is for Europe to dispel the uncertainty that’s being created by the lack of what’s perceived by markets as an insufficient response.”

The IMF sees the solution to the growing global financial crisis as starting with an authoritarian pan-european government in the EU.  Meetings such as these, followed by complete indecision and total incoherance from EU leaders, will hopefully eventually convince them that this is no way to proceed.

A return to independent sovereign states across Europe, is the one sane way ahead, where incompetent rulers such as those presently in power, can be promptly removed as the consequences of their misgovernance become obvious.

The present situation allows them all, to blame the others!

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Blogger James Higham said...

Oh, now that is positive news.

3:04 PM  

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