George Soros was wasting his time in going to Frankfurt to persuade Germans of the merits of eurobonds. Anything that smells remotely like the pooling of debts within the eurozone is off-limits for political debate in Germany, at least before the autumn election. German voters are not in a mood to guarantee jointly the debts of politically rudderless Italy.
And Soros's second suggestion – that Germany itself should leave the eurozone – is also a non-starter. That would not be defined by chancellor Angela Merkel as a successful way to save the single currency.
Yet Soros's speech should not be dismissed as an irrelevant ramble. It starts from two accurate premises. First, that the euro crisis is far from resolved, as recession and Cyprus demonstrate. Second, that Germany, whether it likes it or not, is in the driving seat and the present course amounts to "doing the minimum to hold the euro together".
So Soros is right that something has to give to secure the euro's survival. But it's wishful thinking to believe Germany is ready to choose either of his options.
