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11/17/11

Getting rid of the Goldman Sachs Virus in the EU - Europe’s hit squad

The Old Opera House in Frankfurt — once Germany’s most beautiful postwar ruin and now its most stunning recreation — has become a symbol of European rebirth. And it was here, last month, that Angela Merkel and Nicolas Sarkozy met the EU’s bureaucratic elite in what would, in another era, be described as a putsch.

They had grown tired of eurozone summits, with leaders flying here and there but getting nowhere. A smaller group needed to be formed, who would wield power firmly but informally. That evening, as they gathered to hear Claudio Abbado conduct the Mozart Orchestra of Bologna, a new EU hit squad was born.

As Silvio Berlusconi has now found out, this so-called Frankfurt Group means business. Only a few months ago, it would have been unthinkable that the head of one European government would try to destabilise or depose another. Now, two EU leaders have fallen in a week. As Sarkozy knows from recent experience, to enforce regime change one need only give a helping hand to the rebels.


The group cannot be accused of being secretive. At the G20 summit in Cannes, its officials walked around with lapel badges saying ‘Groupe de Francfort (GdF)’ and met four times. Britain was not included but the Foreign Office’s officials spoke as if they were in on the act. As one official put it: ‘We’re on our way to moving out Berlusconi.’

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