It is only human to search for a ray of light in the European Union’s ever-darkening financial landscape. Could it take the form of an unexpected boost to the cause of EU political and economic integration?
One such optimist, a genial and perceptive diplomat who has immersed himself in EU affairs for the past 30 years, suggested to me the other day that it often takes a crisis to inject real momentum into what he and others in Brussels like to call “the European project”. For example, the 1992 crisis in the European exchange mechanism appeared to deal a serious blow to the goal of creating a single European currency. But the reaction was spirited. Only seven years later, the euro was up and running. Read more