The economic mood is darkening by the day

Over the past fortnight, a palpable sense has grown that the global economic crisis triggered by the 2008 banking crash may only now be getting into its stride. The brinkmanship in Washington over the lifting of the US debt ceiling exposed the fragility of the world’s economic powerhouse.


Even more troubling for the markets has been the eurozone’s sovereign debt crisis. The emergency Brussels summit on July 21, which approved a further bailout for Greece and agreed new measures to prevent contagion, was supposed to have drawn a line in the sand. It did no such thing.


Yesterday, the first whiff of panic emerged from Brussels. With equity markets tumbling everywhere, Commission President José Manuel Barroso fired off a letter to all European governments, demanding urgent action to prevent the crisis spreading from the periphery to the rest of the eurozone. Mr Barroso’s language was extraordinarily blunt.


He said the markets were taking fright because of slow growth and the US debt fiasco, but “first and foremost” because of the “undisciplined communication and the complexity and incompleteness of the July 21 package”.


Such intemperate language is rare in the EU and will only increase nervousness. Mr Barroso’s frustration has clearly been fuelled by the tardy way in which national governments are ratifying the new rescue machinery (although what does he expect in August?).
The Telegraph

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