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I see that the money markets have rallied a bit today on the comments made by ECB Chief Mario Draghi who has declared that the solution to the financial crisis tearing the EU apart was “more Europe,” not less. Now where have we heard that before? Oh yes, here. 

He added that the European Commission’s plans to create a single supervisory mechanism for banks in the eurozone would begin in early September.

As I said yesterday, they seek to turn a crisis to their advantage, despite the political consequences!

On continued rumours of a euro break-up, Mr Draghi insisted that where there’s a will, there’s a way:

“When people talk about the fragility of the euro, very often non-euro members underestimate the political capital that has been invested…”

Political capital? Invested by who, exactly? Oh, you mean the demented hubris of a political class that have no interest in the pain of the Nations of Europe but who seek to push on their vainglorious project at any price. When Europe burns, I do hope some people may remember those of us who are pointing out what lies in store – and super Mario is part of the problem, NOT the solution.

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