Europe’s Flawed Banking Union
Europe is trying to achieve a stronger federal model that responds to the weaknesses revealed by the eurozone crisis, but it is doing so without addressing the need to bring its citizens along. That is also true of proposals for a banking union, with the EU adopting devices that are designed to avoid having to consult them.
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PARIS – The European Union is now the proud owner of a Nobel Peace Prize. When the choice alighted on Barack Obama three years ago, the Norwegian Nobel Committee was criticized for honoring someone whose achievements were still to come. The Committee took that criticism to heart, and this time decorated an institution with a proud past, but a clouded future.