December 2nd, 2011
04:34 AM GMT
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London (CNN) – We are now on Day Two of Olli Rehn’s 10 days to save the euro and the tempo is heating up.

Mario Draghi, the new European Central Bank president, has tantalizingly hinted he will do more to help out provided euro-member countries start the process of economic unification. As he put it, the sequence of events matters. In our language: Don’t put the horse before the cart.

For Europe’s leaders the promise that the ECB will ride to the rescue is sweet music, perhaps even for Germany’s Merkel and the Bundesbank who are demanding a move to fiscal union as the only preferred long-term solution.

If we needed any reminder of how messy this is getting, the Governor of the Bank of England, Sir Mervyn King gave us a hefty dose of reality. He said the euro crises was an “extraordinarily serious and threatening situation” and that Banks should be prepared to withstand the crises. He admitted the Bank of England was preparing contingency plans for what might happen to the euro. (Gulp)

As Day Two comes to an end I paraphrase the famous quote attributed to Otto Von Bismarck: “Saving the Euro is like making sausages. it is best not to watch them being made."



soundoff (20 Responses)
  1. OzGlobal

    Be careful not to criticize the motives of this news agency or your comment will 'await moderation' indefinitely...

    December 2, 2011 at 7:29 am |
  2. Bruno

    I want the Euro to fall. It deserves to fall. Break up the Eurozone. Start afresh. There is NO WAY any country (Greece or Italy) is going to smoothly agree on austerity measures. If they cut too much on spending, they will risk going into recession anyway.

    December 2, 2011 at 9:04 am |
  3. Peter Moore

    In your point about sequence of events " You should always put the Horse befor the Cart " Horses don't push carts
    they pull them.
    You got it wrong

    December 2, 2011 at 9:20 am |
  4. Bruno

    @ Peter Moore – They have got it right. You have misunderstood.

    December 2, 2011 at 10:51 am |
  5. BRP

    Only the Americans and the Brits talk in such apocalyptic terms about the euro...it makes me wonder if they haven't placed some bets against it already and now they are just trying to cash in. CNN does not seem to be an example of impartiality from this point of view....Let's see, will this be posted or "moderated"?

    December 2, 2011 at 1:02 pm |
  6. Bill McC

    "Don’t put the horse before the cart."
    I wonder what his version of horseback riding is?

    December 2, 2011 at 1:04 pm |
  7. Paul Johnston, PhD Economics

    More lies from EU with false data provided by our corrupt Brussels EU leaders. WHEN ARE THE PEOPLE GOING TO WAKE UP??

    Paul Johnston, PhD Economics

    December 2, 2011 at 2:36 pm |
  8. Paul Johnston, PhD Economics

    THE IS SUCH AN INCREDIBLE FRAUD BY MERKEL AND SARKOZY AND THE EU LEADERS IN BRUSSELS THAT I CAN'T BELIEVE THAT CNN AND THE BBC ACTUALLY PROMOTES THEIR CRIMINAL PROPAGANDA AND DEVIOUS AGENDA.

    December 2, 2011 at 2:41 pm |
  9. Big Bush

    It is too late to save the euro

    December 2, 2011 at 2:46 pm |
  10. Francois

    CNN propaganda, once more. The Euro will not be saved because it does not need to be, even though US and CNN would like it to crash. Coordination will be improved for better decision making processes. EU will remain the most comfortable place to live on earth. Will I pass the "moderation" obstacle this time? Thanks.

    December 2, 2011 at 5:44 pm |
  11. Marc

    This article leads to a complete loss of credibility for his author.

    December 2, 2011 at 5:56 pm |
  12. Anonymous

    OMG! I do not understand what the "BIG DEAL and CATASTROPHIC" this whole crisis is being portrayed as...it seems very simple to me IF you approach the whole problem with a simplistic view and get at the core issue which is:
    How can the EU pay for the debt the member countries independently have incurred without the revenue source to pay for the debt? The world central banks have all tried to provide more CREDIT at a cheaper rate but that's like me not able to pay for my credit so I get cheaper credit for pay for my debt but without a real PAY CHECK, there is no way for me to sustain this. What is the solution that the US and China and others have figured out? PRINT YOUR OWN CURRENCY, of course AND control the monetary policy separate from the political arena of a circus. HOW? Model it after the US FED!
    Each country has to balance their budget as part of the agreement. Each country nominates a EU policy rep. Enable Draghi to print the EU to control currency fluctuations and to help out in crisis...
    I'm not Einstein but it seems not that difficult a problem to solve in my mind...

    December 2, 2011 at 7:16 pm |
  13. lolrates

    i would like it to fail only so the house of cards will fall down, the entire world economy will be forced to start over.

    December 2, 2011 at 7:20 pm |
  14. octopus

    fück it.

    December 2, 2011 at 8:38 pm |
  15. Paul Johnston, PhD Economics

    THE EURO IS A TOOL FOR CORRUPT BANKERS - SOMEBODY HAS TO STOP THIS WORLDWIDE CLEPTOCRACY BY THE CRIMINAL ELITE! - WAKE UP PEOPLE!
    THEY WANT TO MAKE SLAVES OF US ALL.

    December 3, 2011 at 1:56 pm |
  16. Tinto de Verano

    If the Euro and the EC are in such bad shape, why does it take $1.34 to buy 1.00 Euro?
    Is the combined debt of the EC close to 15 Billion (US)?
    So much about the Euro and EC, is this just "smoke and mirrors" to cloud how bad things are in the USA?
    It ain't over till the "Weight Disadvantaged" lady sings, and she hasn't performed her final on either side of the Pond.

    December 3, 2011 at 2:12 pm |
  17. Ogive Plunger

    Two months ago, word was "two weeks to save the Euro." Now we're down to eight days?

    December 3, 2011 at 5:26 pm |
  18. 9001

    WW3.

    December 3, 2011 at 9:48 pm |
  19. bigFreeMealOverForEurope

    Picture this –Sarkhozy in one stall, Merkell in the stall next to him, MARIO BROS (DRAGHI AND WHOEVER ELSE) in the two other stall, BERLUSCONI not to be left behind with Papandreao in the main stall. Its the big Euro toilet. All have relieved themselves of Euro in unison. On the smell!!. They have stank up the Euro toilet. IN UNISON going 1, going 2, gone..... Flussssshhhh. ITS THE BIG FLUSH. next CNN HEADLINE. – FLUSHEUROGEDDON- . Bettter buy chineese whatever currency their is ;-), or even zimbabwean zzz currency. ;-), you wont be able to afford $$ when they are done flushing next week ho ho ho!

    December 4, 2011 at 12:50 am |
  20. eman

    لن تصدق ما يحدث فى الملعب اثناء المباراة

    http://upload40.com/12157.html

    January 28, 2012 at 4:46 am |

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