The problem facing euro zone policy makers as we head into what could be another eventful summer for the global markets is surprisingly simple, yet very unpalatable.
Angela Merkel, Jean-Claude Trichet and to a lesser extent Nicolas Sarkozy have to answer the following question: do we bailout the banks or do we throw more money at highly-indebted nations like Ireland, Portugal and more urgently, Greece?
Since January the euro zone debt crisis has been overshadowed by events in the Middle East, Japan and fears over the health of US finances but over the coming months the problems facing the euro zone will have to be addressed, or – if history teaches us anything – at least fudged.
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