Desperate times

You have to hand it to the Eurocracy: it is nothing if not determined. The recent horrors on the stock market have concentrated minds in Brussels and across continental capitals. The headline news is that France, Italy, Spain and Belgium have placed a temporary ban on short-selling, but that’s just one counter-measure that has been introduced in the last 24 hours. And you’ll notice that these schemes are piecemeal; there is no grand plan as yet to calm the markets.

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Gus Carter

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First, Spain has bent a suppliant knee before the European Commission to secure restrictions on Romanians seeking work. This is momentous: the first time that border restrictions have been re-imposed within the EU. The Commission insists that the limits are exceptional (Spanish joblessness stands at 21 per cent) and will lapse at the end of next year. But this is a dangerous precedent for those who once only advocated closer union, especially given the burgeoning