http://www.ft.com/comment/columnists/wolfgang-munchau Financial Times en (PICS-1.1 "http://www.classify.org/safesurf/" L gen true for "http://www.ft.com/" r (SS~~000 1)) © Copyright The Financial Times Ltd 2012. "FT" and "Financial Times" are trademarks of the Financial Times. See http://www.ft.com/servicestools/help/terms#legal1 for the terms and conditions of reuse. Sun, 27 May 2012 19:59:28 GMT Thu, 31 May 2012 10:16:09 GMT client.support@ft.com (Client Support) 15 Newspapers http://www.ft.com/rss/comment/columnists/wolfgang-munchau http://im.media.ft.com/m/img/rss/RSS_Default_Image.gif http://www.ft.com/comment/columnists/wolfgang-munchau http://www.ft.com/cms/s/0/24c71e96-a5bd-11e1-b77a-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct On Wednesday night, European leaders paused to think. I consider that progress. But they may have left it too late, writes Wolfgang Münchau Sun, 27 May 2012 19:59:28 GMT http://www.ft.com/cms/s/0/24c71e96-a5bd-11e1-b77a-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 24c71e96-a5bd-11e1-b77a-00144feabdc0 http://www.ft.com/cms/s/2/5d7ff324-a0e6-11e1-9fbd-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct It would be economically irrational for savers to keep their money in Greece under the present circumstances, writes Wolfgang Münchau Sun, 20 May 2012 17:30:31 GMT http://www.ft.com/cms/s/2/5d7ff324-a0e6-11e1-9fbd-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 5d7ff324-a0e6-11e1-9fbd-00144feabdc0 http://www.ft.com/cms/s/0/233a3186-9b58-11e1-8b36-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct By following the bailout programme, Greece will suffer a decade of depression and a possible breakdown in democracy, writes Wolfgang Münchau Sun, 13 May 2012 19:00:52 GMT http://www.ft.com/cms/s/0/233a3186-9b58-11e1-8b36-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 233a3186-9b58-11e1-8b36-00144feabdc0 http://www.ft.com/cms/s/0/64375ddc-9543-11e1-ad38-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct The answer is a combination of debt monetisation through the European Central Bank and default into the European Stability Mechanism, writes Wolfgang Münchau Sun, 06 May 2012 19:44:39 GMT http://www.ft.com/cms/s/0/64375ddc-9543-11e1-ad38-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 64375ddc-9543-11e1-ad38-00144feab49a http://www.ft.com/cms/s/0/c400be82-9063-11e1-8adc-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct Sarkozy flunked reform for a reason that was apparent in 2007: hyperactivity. Reforms are for boring politicians, writes Wolfgang Münchau Sun, 29 Apr 2012 19:41:31 GMT http://www.ft.com/cms/s/0/c400be82-9063-11e1-8adc-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct c400be82-9063-11e1-8adc-00144feab49a http://www.ft.com/cms/s/0/75b0e85a-8ae7-11e1-912d-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct A centralised banking resolution and supervision system is the bare minimum a monetary union needs, writes Wolfgang Münchau Sun, 22 Apr 2012 19:07:32 GMT http://www.ft.com/cms/s/0/75b0e85a-8ae7-11e1-912d-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 75b0e85a-8ae7-11e1-912d-00144feab49a http://www.ft.com/cms/s/0/7d5b5910-8555-11e1-a75a-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct Either Madrid will miss the target or it will have to fire so many people that the result will be a political insurrection, writes Wolfgang Münchau Sun, 15 Apr 2012 20:14:06 GMT http://www.ft.com/cms/s/0/7d5b5910-8555-11e1-a75a-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 7d5b5910-8555-11e1-a75a-00144feab49a http://www.ft.com/cms/s/0/48d37a50-7da4-11e1-bfa5-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct Economics is doing itself no favours here. This is a real shame because the eurozone is sorely lacking macroeconomic input, writes Wolfgang Münchau Sun, 08 Apr 2012 18:19:24 GMT http://www.ft.com/cms/s/0/48d37a50-7da4-11e1-bfa5-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 48d37a50-7da4-11e1-bfa5-00144feab49a http://www.ft.com/cms/s/0/8a784232-7a53-11e1-839f-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct The ESM is big enough to cope with the immediate problems – but not with unexpected events, which is its whole purpose, writes Wolfgang Münchau Sun, 01 Apr 2012 17:58:36 GMT http://www.ft.com/cms/s/0/8a784232-7a53-11e1-839f-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 8a784232-7a53-11e1-839f-00144feab49a http://www.ft.com/cms/s/0/3e736dd2-74d9-11e1-ab8b-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct Call it a eurobond, or what you like, but if you do not want one then you must accept there is no backstop for Spain, says Wolfgang Münchau Sun, 25 Mar 2012 17:48:06 GMT http://www.ft.com/cms/s/0/3e736dd2-74d9-11e1-ab8b-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 3e736dd2-74d9-11e1-ab8b-00144feab49a http://www.ft.com/cms/s/0/28a4cfdc-6f6b-11e1-9c57-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct If you think that the ECB’s policies have ‘bought time’, you should be asking yourself: time for what?, writes Wolfgang Münchau Sun, 18 Mar 2012 19:34:39 GMT http://www.ft.com/cms/s/0/28a4cfdc-6f6b-11e1-9c57-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 28a4cfdc-6f6b-11e1-9c57-00144feab49a http://www.ft.com/cms/s/0/01450d28-69e2-11e1-8996-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct We are seeing the start of a move to pan-European party politics. For once I salute the German chancellor for her courage, writes Wolfgang Münchau Sun, 11 Mar 2012 20:09:26 GMT http://www.ft.com/cms/s/0/01450d28-69e2-11e1-8996-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 01450d28-69e2-11e1-8996-00144feabdc0 http://www.ft.com/cms/s/0/6d05188a-639f-11e1-b85b-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct Mr Weidmann’s proposal is incredible. He might as well have suggested sending in the Luftwaffe to solve the eurozone crisis, writes Wolfgang Münchau Sun, 04 Mar 2012 21:36:03 GMT http://www.ft.com/cms/s/0/6d05188a-639f-11e1-b85b-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 6d05188a-639f-11e1-b85b-00144feabdc0 http://www.ft.com/cms/s/0/40204cb8-5ef9-11e1-a087-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct Months of misery lie ahead, but if all goes well, Greece will have finally gained some room for manoeuvre, writes Wolfgang Münchau Sun, 26 Feb 2012 20:22:46 GMT http://www.ft.com/cms/s/0/40204cb8-5ef9-11e1-a087-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 40204cb8-5ef9-11e1-a087-00144feabdc0 http://www.ft.com/cms/s/0/16f04ffa-5963-11e1-9153-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct It is one thing for creditors to interfere in a recipient’s policies. It is another to tell them to suspend elections, writes Wolfgang Münchau Sun, 19 Feb 2012 19:37:33 GMT http://www.ft.com/cms/s/0/16f04ffa-5963-11e1-9153-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 16f04ffa-5963-11e1-9153-00144feabdc0 http://www.ft.com/cms/s/0/57485f60-540a-11e1-8d12-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct Let both default inside the monetary union, and use a sufficiently increased rescue fund to help them rebuild, says Wolfgang Münchau Sun, 12 Feb 2012 23:04:03 GMT http://www.ft.com/cms/s/0/57485f60-540a-11e1-8d12-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 57485f60-540a-11e1-8d12-00144feabdc0 http://www.ft.com/cms/s/0/63336a04-4e65-11e1-aa0b-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct With unification Germany has become too big to be an ordinary European state, yet not big enough to be a superpower, writes Wolfgang Münchau Sun, 05 Feb 2012 19:56:21 GMT http://www.ft.com/cms/s/0/63336a04-4e65-11e1-aa0b-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 63336a04-4e65-11e1-aa0b-00144feabdc0 http://www.ft.com/cms/s/0/e15ba792-4830-11e1-b1b4-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct If Spain follows Greece and ignores what happened in Japan, a prolonged recession is the most likely result, writes Wolfgang Münchau Sun, 29 Jan 2012 21:01:01 GMT http://www.ft.com/cms/s/0/e15ba792-4830-11e1-b1b4-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct e15ba792-4830-11e1-b1b4-00144feabdc0 http://www.ft.com/cms/s/0/6ccb8e40-4364-11e1-8489-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct Considering how rich the eurozone is, the request to involve the fund in a hypothetical rescue is morally reprehensible, writes Wolfgang Münchau Sun, 22 Jan 2012 14:28:51 GMT http://www.ft.com/cms/s/0/6ccb8e40-4364-11e1-8489-00144feab49a.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 6ccb8e40-4364-11e1-8489-00144feab49a http://www.ft.com/cms/s/0/987fd2fe-3ddc-11e1-91ba-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct Standard & Poor’s has shaped expectations of the geography of a eurozone break-up, writes Wolfgang Münchau Sun, 15 Jan 2012 16:35:30 GMT http://www.ft.com/cms/s/0/987fd2fe-3ddc-11e1-91ba-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcomment_columnists_wolfgang-munchau%2Ffeed%2F%2Fproduct 987fd2fe-3ddc-11e1-91ba-00144feabdc0