The untimely intrusion of democracy into the best laid plans of Euroland may have left some leaders thinking today you can have too many summits. This was meant to be the summit where Euroland told the world it had solved its problems, if only the Chinese and some of the others agreed to lend very large sums to complete the fix. Instead this may be the summit where the rest of the world in private turns critical of the way Euroland is running its affairs.
I would like to hear an apology from the leaders of the single currency. It is now doing visible damage, not just to some Euro area countries, but also to the wider global economy.
I would like them to say sorry for setting up a single currency long before they had brought their various economies into line. They broke their own sensible rules, allowing countries in who were miles off qualifying.
I would like them to say sorry for letting members of the zone borrow much larger sums than the rules allowed, imposing no discipline on debt addicted governments.
I would like them to say sorry for thinking that much poorer countries than their own would get out the cheque book and pay for their excess spending, through the IMF and by direct loans from China and elsewhere.
I would like them to say sorry for running a monetary policy which created large property bubbles in countries like Ireland and Spain, weakening the banking systrem.
I would like them to say sorry for failing to demand sufficient cash and capital in the banks, and for publishing favourable stress tests which turned out to be wrong.
I would like them to say sorry for pretending they have a 1 trillion Euro fund to fix it, when all they have is a Luxembourg company with the right to borrow money on behalf of Euro governments.
There can be no fix to the underlying problems until the leading governments recognise their mistakes.
The sad truth is you need to borrow less if you want to get out of debt crisis. Euroland still does not know how to do this. Yesterday the EFSF decided to withdraw a bond issue because it did not like the look of the market reaction.