The EU sleepwalkers walk over the cliff. Good article but the Economist seems to be  surprised that politicians are not acting without a full-blown crisis staring them in the face. This strikes me as odd, because politicians NEVER act until they must. To act boldly and decisively unless in the midst of a burning inferno could jeopardize their only true passion – getting re-elected. Understanding that takes away the mystery of their current do-nothing postures. Therefore the Economists claim that Draghi has done right thing is utterly wrong and contradicting.Mr Draghi was not buying the euro zone time and banking union will not help. He was also wrong to furnish the ECB with the tools to fuel speculation.

Clearly, Europe is missing another chance to save the Euro. The markets are calm, funding costs are low for countries in the periphery. This calm in effect seems to have system to distract people’s mind from the persisting problems within the Euro. The German administration obviously is undertaking everything to downplay the EU crises and how much it will cost to their electorates.  As the Economist points out this week in “Charlemagne”, Mr Hollande calls for the creation of an “economic” government with a full time leader. It tasks would include harmonizing taxes and encouraging welfare systems to converge upwards. Mr Hollande’s approach is for everyone else to raise their labour and welfare costs, in short everybody assumes the same lack of competitiveness in a global economy to undertake reforms.

Europe is a “utopia” federation for the banks and rich corporations, whereas citizens who pay taxes are considered as serfs.  All EU welfare system receiver, being them  states or individual have nothing to loose (in the short run). 

In spite of savage spending cuts, government deficits are persistent and high. The sum of government, household and company debt is still excessive.”
Irving Fisher described this phenomenon in 1933: “We have the great paradox which is the chief secret of most, if not all, great depressions: The more the debtors pay, the more they owe.”

Like Japan, Europe will be under a shadow for years to come. The cost will be measured in disillusion, blighted communities and wasted lives. Since the sleepwalker do not care about  their people, they voters (especially) need to wake up and vote them and the EU out of power, vote for an alternative to sleep walking.