Europe steers into a zone of uncertainty
Inaction to fix the banking sector also troubles markets, said Simon Tilford, an economist with the Centre for European Reform in London, because it "highlights a willful refusal to recognise the core of the crisis, which is the collapse of economic activity and low economic growth." Without growth, he said, there is no easy way forward; growth cannot be produced by austerity or by structural reforms, even if those may help later.