Federalism or Bust for Europe?
Is Europe inventing a new governance model, or has it only taken a detour from the inevitable choice between disintegration and conventional federalism? Whatever route it takes, Europe must address the weak representation of the common interest – or else admit that no such interest justifies remaining on the path of integration.
BRUSSELS – August was quieter than feared on the European bond markets. So, while resting on Europe’s beaches and mountains, policymakers could take a step back from the sound and fury of the last few months and think about the future. Is the eurozone sleepwalking into becoming a United States of Europe? Is it exploring uncharted territory? Or are its constituent nation-states drifting apart?
BRUSSELS – August was quieter than feared on the European bond markets. So, while resting on Europe’s beaches and mountains, policymakers could take a step back from the sound and fury of the last few months and think about the future. Is the eurozone sleepwalking into becoming a United States of Europe? Is it exploring uncharted territory? Or are its constituent nation-states drifting apart?