ECB austerity drive raises fears for democratic accountability in Europe

Philip White, of the London-based Centre for European Reform, explains that EU leaders are torn between meeting the demands of the markets and upholding democratic norms: "The stage we are at in the eurozone crisis presents politicians with a deeply uncomfortable position: trying to convince markets that they are taking the necessary action to place economies on a more sustainable path and that the euro is here to stay while on the other hand to persuade their electorates that they are respecting democratic traditions." "If you look at the debt and deficit numbers, if the EU were a unitary, democratic state, as a whole it is in a perfectly manageable situation, but it's not one, so all these questions make the crisis much more difficult to handle. The crisis is less an economic crisis than a political, democratic and institutional one." "It's going to become more and more difficult to disguise from voters what is happening."