Euro crisis - Nerve and patience may pay off

Yesterday, after weeks of August-induced calm, the euro crisis returned to centre stage with some force and, thankfully, all of the news seemed reassuring; some of it quite positive.

Germany’s Constitutional Court approved the eurozone bailout fund but with typical German directness and detachment insisted on safeguarding German parliamentary sovereignty and limiting Berlin’s financial exposure.

The ruling was welcomed in the Bundestag by Chancellor Merkel: “Today, Germany once again sends a strong signal to Europe and beyond: Germany is resolutely fulfilling its responsibilities as the biggest economy and trusted partner in Europe.”