This should be the month decisions get made. Europe's politicians are getting ready for no less than three summits in March, starting next Friday in Brussels. Angela Merkel, Nicolas Sarkozy and the other heads of state and governments of the 17 eurozone states want to get the crisis behind them. The talk will be on the expansion of the rescue fund for euro members in difficulties and the rules the states must adopt to keep budgets in line. And of course, Merkel's pet theme, the “Competitiveness Pact”.

There’s one issue, though, that Europe's leaders aren’t talking about, and that’s the fragile situation of the banks. The impression the politicians are giving is that the crisis has for a long time been just about the states, and overwhelmingly those at the periphery of the eurozone – Greece, Portugal, Ireland and so on. But that's being somewhat economical with the truth. The crisis is also swirling around the banks, German banks too.

Crisis comes round to where it started: the banks

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