PARIS (Reuters) – Europe has a new informal leadership directorate intent on finding a solution to the euro zone’s debt crisis, but it has yet to prove its ability to come up with a lasting formula.
Forged in the fire of a bond market inferno, the shadowy so-called Frankfurt Group has grabbed the helm of the 17-nation currency area in a few short weeks.
The inner circle comprises the leaders of Germany and France, the presidents of the executive European Commission and of the European Council of EU leaders, the heads of the European Central Bank and the International Monetary Fund, the chairman of euro zone finance ministers, and the European Commissioner for economic and financial affairs.
Europe’s new politburo met four times on the sidelines of last week’s Group of 20 summit in Cannes, issuing an ultimatum to Greece that it would not get a cent more aid until it met its European commitments, and arm-twisting Italy to carry out long delayed economic reforms and let the IMF monitor them.
In a tell-tale recognition of the new ad hoc power center, members wore lapel badges marked “Groupe de Francfort.”
U.S. President Barack Obama attended one of the meetings, getting what he joked was a
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