Forget the wolf pack – the ongoing euro crisis was caused by EMU

Jean-Claude Trichet tells us the world faced a second Lehman crash in the days and hours before EU leaders launched their €720bn (£612bn) defence fund. If the European Central Bank’s president is correct, we are in trouble. The EU-IMF package is already unravelling. What will the West do for its next trick?

By Ambrose Evans-Pritchard
Published: 5:37PM BST 16 May 2010
Comments 123

Mr Trichet was ash-white at the Brussels summit a week ago. He distributed charts of credit stress to every eurozone leader. By the time he had finished his hair-raising discourse, everybody round the table finally understood what they faced.

“The markets had ceased to function,â€