The European Impasse in a Nutshell

The French side:

All options will be on the table when European leaders meet this week, including euro bonds, Mr. Moscovici said. “Each one has his own point of view, but at the same time, François Hollande has said that it is important to put everything on the table,” said Mr. Moscovici, referring to his boss, the newly inaugurated president of France.

The German side:

But the German government is staunchly opposed to euro bonds until deeper integration and harmonization of budgetary and public spending policies have been achieved. Most Germans see euro bonds as another way for fellow European states to benefit from, and ultimately drag down, Germany’s unblemished credit rating.

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Mr. Schäuble’s deputy, Steffen Kampeter, was much more forthcoming in reiterating German opposition to any such proposal. Mr. Kampeter called the joint bonds “a prescription at the wrong time with the wrong side effects,” in an interview with German public radio.

And so the train, which had been headed for a cliff, but which slowed briefly for the French elections, has now resumed its headlong rush to doom, punctuated by cheerful paeans to "Growth!" sung to the tune of "The Ode to Joy," Europe's anthem.

ADDENDUM: On the other hand, the OECD has joined the call for eurobonds, saying that they are necessary to make the euro work.