EU-systemet innledet sommerferien fredag og det betyr at byråkratiet vil gå for bare 20 % maskin fremover, i en tid der økonomisk katastrofe truer.

Treghet har alltid vært EUs akilleshæl og det ser ikke ut til at har forandret seg. Bak tregheten ligger en uvillighet til å erkjenne hva som truer og hvilke valg EU må treffe. Hvis ikke vil andre treffe dem for EU.

Det gjelder i første rekke Hellas, Portugal, Irland, Spania og Italia. EU har ennå ikke våget å erkjenne at Hellas er konkurs.

Amid a «clear risk» of potentially seismic events in the eurozone and the Arab world in the next six weeks, EU institutions will drop to staff levels of just 20 percent as officials go on holiday, limiting their capacity to react.

On the financial side, eurocrats can fly to Tuscany – a favoured location – happy in the knowledge that some of the biggest events will fall either side of their break.

The EU will on Friday (15 July) publish the results of stress tests on 90 major banks. About 15 are expected to fail and markets to react instantly, by, for example, punishing two Spanish lenders which are to float on the stock exchange the same day.

Member states have already designed «backstop» measures of public and private sector support which they can put into play next week, however. If the results are truly worrisome, they might meet in a summit next Thursday or Friday

Crisis-prone summer as EU officials go on vacation