First, the French and Dutch rejected their leaders’ advice on Europe’s constitutional treaty. Then, the Germans decided they wanted more reform – until they changed their minds, leaving their leaders to bicker over how to form a coalition. Now, the Italian government is imploding with Domenico Siniscalco quitting as finance minister over the 2006 budget and the Fazio affair. Sound governance at the core of the eurozone is striking by its absence.
But this does not mean that reform and restructuring are not happening in Europe. Far from it. At the corporate level, much of Europe is flourishing. While Germany’s politicians wail about the threats of globalisation, its companies have been taking full advantage of its opportunities: the country has reclaimed its place as the world’s biggest exporter.
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