The Wall Street Journal
Sometimes the really bad news
is good.
Jürgen Stark's decision to
resign from the board of the European Central Bank, not too long after Axel
Weber quit as Bundesbank president, just might put paid to the dithering that
has characterized euro-zone policy making for too long. And the equally
disturbing news that the Greek economy is in virtual collapse, shrinking by
7.3% in the last quarter, puts more than a little pressure on euro-zone politicians
to abandon the notion that press releases are synonymous with action, and
austerity with prudence.