It was something of a mystery. Emergency conference calls about the future of the
Eurozone were being made yesterday, but there was no news of those discussions. As it turned out, this was
for the best of all possible reasons: there was no news to report. Angela Merkel and Nicolas Sarkozy announced no new measures to alleviate the sovereign debt crisis; rather, they merely declared
“solidarity” with Greece and assured the markets that
Greece would not be forced from the single currency.
Their words seem to have assuaged the markets for the moment, but only the most brazen optimist would bet on the rally being long lived. Tests of confidence will come later today when troubled Spain holds a debt auction and the EU’s interim economic forecasts are expected to be downgraded. As John Redwood notes,
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