TAKING FULL CONTROL

EUROPE has a new informal leadership directorate intent on finding a solution to the eurozone’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 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 European Commission and of the European Council of EU leaders, the heads of the ECB and IMF, the chairman of eurozone finance ministers, and the European commissioner for economic and financial affairs.