Juncker Will Stay As Head Of Eurogroup, WirtschaftsWoche Reports

Bloomberg reported news from Wirtschaftswoche, according to which Juncker will stay on as President of the Eurogroup, AND Yves Mersch, the Luxembourg central banker will join the Executive Board of ECB.


If confirmed, this reveals Juncker's excellent skills around the un-elected European power alleys. He contemplated the possibility to be outmaneuvered and said he would not pursue the job anymore. Then helped setting rules for his successor to be a former head of government, then lobbied for Mr. Schaeuble, himself not a head of government, and finished visiting Mr. Hollande almost minutes after he got elected President of France. To knowledgeable observers, this was clear evidence of a covert operation to keep the job.


What is more, Juncker has declared that he would prefer concentrating on his job as Prime Minister of Luxembourg, and that accumulating two jobs would be unrealistic for the future head of Eurogroup. That notion got amended more recently into something that makes it all of a sudden highly desirable again that Mr Euro should also be a national Minister of Finance, which he is. Accumulating or not? Mr. Frieden, his successor in petto as Prime Minister of Luxembourg, keeps his fingers crossed.


If all this is true, it is a beautiful success for Juncker in the messy European establishment politics. It was also always speculated that if Juncker would stay on as Mr Euro, that would preclude Yves Mersch from joining the ECB's Executive Board. According to Wirtschaftswoche's sources, Luxembourg would get the two prizes! A double whammy!


We might not beat Malta in soccer, but our people are tops in Europe, and tell you where it goes around! No wonder you all trust us with your money in our banks. We provide the sheriffs as you can see.

Now The Rest Of Europe Has Made Sure It's Protected, Greece Can Go To Hell

http://articles.businessinsider.com/2012-02-18/europe/31062299_1_eurozone-bailout-funds-greece

After years of stubborn denial, incompetent European leadership is slowly getting it. I have always thought that the rush to a common currency was a cognitive distortion, a perfect blunder and a betrayal of  the founders of the European ideal. I was wrong about how the misguided Euro policy was going to implode: I was convinced it would arise in the German-French tandem, based on about half a century of continued French devaluations. What would happen if by following that historic pattern that put France repeatedly in a situation where best policy dictated a devaluation of the French Franc? With the Euro, that important adjustment was lost, whereas there was very little common economic policy. That being said, oh surprise, it is one of the smaller economies that brings havoc.  I still argue the same way as a couple of years ago, when the crisis unfolded:


"There are only two choices for Greece: either return to the drachma and devalue, or cut salaries, pensions and social benefits. Others will have to do the same. Promoting a common currency, a common defense, a common foreign policy without a common government is stupidity and incompetence by the "leaders" in Europe. It is also a betrayal of the ideas of the founding fathers." (May 31, 2010) at: http://feierwon.blogspot.com/2010/05/greece-urged-to-give-up-euro-times.html

The Luxembourg Finance Minister Luc Frieden is quoted in this article which shows that he is drifting away from the political correctness and from official Europe's fallacious policies and group think. He seems to join the German Finance Minister Wolfgang Schäuble. How could anyone think that uninterested and unlimited help would come from better-off countries, and how could anyone think that people would understand the need for endless hardship?!