European Leaders Take the Fork in the Road

September 9, 2011 Global Macro Monitor

Good piece in the Economist, Europe’s debt crisis: Fudge, the final frontier, summing up the crisis in the Eurozone. Even a little history lesson,

SEPTEMBER is a cruel month in international monetary history, when regimes that once seemed inviolate have shattered. In 1931 it was the month when Britain went off the gold standard. In September 1992 the same country was booted out of the European Exchange Rate Mechanism. This month will not see the end of the euro, but could go a long way to deciding its fate.