The ECB Fear Factor
Exceptional times demand exceptional measures, and the ECB will inevitably feel obliged to act if the eurozone is pushed to the brink. But the longer it delays, the greater the hit to people's jobs and savings, the deeper the damage to investors' confidence in the eurozone financial system, and the bigger the risk of a catastrophic mishap.
BRUSSELS – Panic is beginning to overwhelm the eurozone. Italy and Spain are caught in the maelstrom. Belgium is slipping into the danger zone. As France is dragged down, the widening gap between its bond yields and Germany’s is severely testing the political partnership that has driven six decades of European integration.