The CFR reported last month that there is at least one silver lining to the mess across the pond. The financial nightmare in the EU continues unabated; the tocsin of things to come here in the United States. For too long the ECB has not had the fiscal policy coordination required to manage a common currency and economy and it finally got it – or got closer to it – just last month. But was this too late? I think Europe is in for some serious pain but the silver lining is that in every crisis there is opportunity.
I suspect this is going to lead to greater legal and economic unification in Europe as that is the only real solution to the problems it faces. The new powers voted on for the ECB only affect the Eurozone, but that is 17 out of 27 states and it is progress.
In any case, this is a major development in the history of the EU.