"My good friends, this is the second time there has come back from Germany to Downing Street peace with honour. I believe it is peace for our time. We thank you from the bottom of our hearts. Now I recommend you go home, and sleep quietly in your beds."
It has been this type of dithering and can kicking that is allowing the Eurozone crisis to deepen every day.
""We are determined to do the necessary to ensure the recapitalization of Europe's banks," German Chancellor Angela Merkel following talks with French President Nicolas Sarkozy in Berlin.
A "comprehensive response" to the eurozone's debt crisis will be finalized by month's end, including a detailed plan on recapitalizing the banks, Sarkozy said at Berlin's chancellery.
"The economy needs secure financing to ensure growth. There is no prospering economy without stable banks," he said. "That is what is at stake."
However, both leaders declined to name a price tag for the new measures or elaborate further, saying the proposal must first be discussed with other European leaders."
Yeah, somehow, I don't find those words comforting. A day late and many dollars short -IMF estimate on Eurozone bank recapitalization
In contrast, the governor of the Bank of Canada, in the face of the gathering storm, has evoked the spirit of Winston Churhill .
European governments need to start taking action in the next few weeks to shore up their banks or suffer a "more severely impaired" financial system, Bank of Canada governor Mark Carney says, adding that Canada will be impacted if the issues aren't
"You need to overwhelm the markets. You need to put on the table more than is necessary," he said, adding that a trillion euros is necessary.
The fact that a central banker from one country is advocating fiscal policy for foreign countries, placing a value and a date certain for implemtation, should be a giant red flashing signal to the extent of the potential danger. Central bankers, normally, won't even recommend domestic fiscal policy in the public forum.
Carney is doing something very unusual by firing this shot over Europe's bow.
Germany's attempts to "unify" Europe defined the first half of the last century. Let's hope their latest efforts to achieve a unified Europe do not yet again end in tragedy.
There is much at stake and the stakes are being raised every day.