Leadership deficit

The handling of the most recent crisis in the eurozone by the Dutch leader of the area’s finance ministers, Jeroen Dijsselbloem, has caused a great deal of concern and uncertainty not just in the bloc, but also on international markets.

The ineptitude in the way that the crisis in Cyprus in particular is being handled, coupled with a string of conflicting statements regarding whether or not bank deposits are safe elsewhere in the single currency area, represent a serious failure on the part of the eurozone’s leadership.

The Eurogroup’s former chief, Luxembourg Prime Minister Jean-Claude Juncker, may have used very tough language when referring to Greece and the crisis here, but he stood as a bulwark against the hysteria and obsessions of the governments of Northern Europe.

The situation in the eurozone is extremely precarious right now and the lack of consistent and responsible leadership is also creating an unpredictable and potentially explosive situation.