A Europe of Solidarity, Not Only Discipline
The decision at the EU summit in June to form a banking union, and the ECB’s commitment to unlimited intervention in the sovereign-bond market, could be a turning point for Europe were these steps reinforced with additional measures. Unfortunately, the EU’s unfolding tragedy characteristically feeds on such glimmers of hope.
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BERLIN – Originally, the European Union was what psychologists call a “fantastic object,” a desirable goal that inspires people’s imaginations. I saw it as the embodiment of an open society – an association of nation-states that gave up part of their sovereignty for the common good and formed a union dominated by no one nation or nationality.