Mark Carney

An ever larger problem

Can Mark help George?

Mark Carney, praying for the UK economy? Mark Carney, praying for the UK economy?
An ever closer union is the mantra of the EU, but is this possible beyond the sharing of debt and juggling of liabilities? And another question, what to do about Cyprus, what do the money men think? From an article in the Telegraph by Harry Wilson -

Jim O'Neill, outgoing chairman of Goldman Sachs Asset Management. said the eurozone had revealed again that it was a group of 17 countries with very different interests. He said that most deals seemed to be about what politicians thought they could "get away with" in their parliaments. "The European Monetary Union (EMU) in effect continues to be a union of 17 countries that don't see their collective shared interests as the same," Mr O'Neill said. "Much decision making is not actually decided by the European Union or eurozone bodies but by key politicians whose main criteria is what they 'can get away with' with respect to their parliaments. "Can EMU ultimately survive. or indeed, can EMU survive with this system?

It's worth remembering that while Lehman Brothers Holdings Inc. failed the stress test of the present world recession Goldman Sachs has prospered. So what O'Neill says is worth listening to, it's true and although not mentioned by name the most significant key politician is Angela Merkel.

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