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Ezrati’s Economic Outlook: Where is Blücher?

Debt crisis could prove euros Waterloo, yet the ECB is on the sidelines.

By Milton Ezrati | Updated on July 02, 2012

The future of Europe hung in the balance at the battle of Waterloo in 1815. The British, led by the Duke of Wellington, held Napoleon’s Grand Armeé to a standstill, waiting for General Blücher and his Prussians to add their weight to the battle. Without his Prussian allies, the best the Duke could expect was an inconclusive outcome that would prolong the fighting. With them, Wellington could end Napoleon’s dreams of empire. As it turned out, Blücher arrived toward the end of the day and tipped the scales against the French. Europe could look forward to peace and stability.

The future of Europe again hangs in the balance, not because of the forces of empire but because of the threat of financial chaos, and all are looking for a latter-day Blücher. The European Central Bank (ECB) could and should play this role. It is the only party with the necessary financial resources to reliquefy markets and calm them. But the bank’s leadership shows remarkably little commitment, certainly less than the Prussians and the British did that Sunday in June 1815. 

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