Europe’s Market-Led Integration
Just as former Italian Prime Minister Silvio Berlusconi was brought down not by political opponents, but by jittery investors, it is the markets, not European leaders, that have opened the door to a European fiscal and political union. That is no cause for celebration.
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BERLIN – For two years now, one European summit after another has ended with assurances that – at long last – the necessary measures for containing the eurozone’s sovereign-debt crisis have been taken. Most were publicly portrayed as breakthroughs, though they were nothing of the sort. As a rule, it took about three days before markets caught on and the crisis entered another round.