by Mike ‘Mish’ Shedlock
Mish Talk
Financial Times columnist Wolfgang Münchau points a finger squarely at chancellor Angela Merkel in his article High Price of Europe’s Misguided Pragmatism.
As is typically the case, Münchau gets some things right while missing the big picture.
As for solutions, Münchau is nearly always wrong.
Sustainability is what this is all about. This is the main lesson from the Brexit vote. Britain will leave the EU not because David Cameron , the former prime minister, made a tactical error. He did, of course. But UK membership is ending because it was unsustainable. The EU has always been a project of political integration. The Remain campaign was premised on the notion that this was not so.