EURO CRISIS

• FT’s T. Barber writes extensive analysis of Europe’s crisis management, concluding that Europe’s progress towards closer integration ‘underscores a more disturbing point that… That is the lack of democratic consultation with European citizens about the direction the eurozone is taking.’

• George Soros insists ‘Germany must defend the euro,’ writing ‘The only way that Europe can escape from this trap is by acting in anticipation of financial markets’ reactions, rather than yielding to their pressure after the fact. This would require intense debate and soul-searching, particularly in Germany.’

• CEPS’s Daniel Gros writes ‘Greece, as it turns out, was the Eurozone’s canary… The problems of Greece should not have been interpreted as a special case.’

• German economist and Nobel Laureate Reinhard Selten defends the Euro, says ‘Greek still has a lot of room to move,’ and calls for a new stability pact that includes ‘mutual aid in exchange for stricture supervision.’ [DPA]

• WSJ’s Barley suggests EFSF needs ‘more ammunition,’ but notes both political and financial complications in so doing – singling out concerns over France’s AAA rating.