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If you can keep your head..

..when all around are losing theirs and blaming it on you.  Kipling’s verse [1]had a military battle inspiration but may still be apt for Angela Merkel as she draws the heat and enters yet another European summit today.  Lagarde [2], Soros [3], Monti [4], Hollande.  The roll call of urging has drummed a steady beat this past week.  “Restore confidence and growth”.  “Relieve market panic!”  “Protect virtuous reformers”.  “Do something”.  “Do it now!!”  There seems very little poetic or other kind of justice in the expectation that workers in Mrs Merkel’s well managed economy subsidize the tax shy and early retiring of other European project nations.    The Eurozone is a governance mess with no leadership formally and very little otherwise, and with no easy or early fix.   She has to insist on reform.   And it will take a while.  But let’s hope that Mervyn King [5]is wrong on it needing another 5 years.