The recent Brussels summit to save the euro was a strange affair, and not just because of the quixotic behaviour of the British delegation. It was presided over by two politicians who were giving out a very mixed message. Nicolas Sarkozy told the world in the run-up to the meeting that this was the moment of truth not just for the currency but for the future of democracy. Europe only had a few days to save itself: ‘Never has Europe been in so much danger,’ he announced. Get this wrong and ‘there will be no second chance.’ It was salvation or the abyss. Angela Merkel wanted people to know that it was important not to be rushed; any solution would take time. ‘The European crisis will not be solved in one fell swoop,’ she declared. ‘It is a process and this process will take years.’ So which one was it: now or never, or wait and see?

LRB 5 January 2012 | PDF Download