Ambrose Evans-Pritchard on the prospects for the European Union as the crisis develops:
The euro fathers did not dispute that the euro might not survive a crisis, but they saw EMU as an instrument to force the pace of political union. They welcomed the idea of a “beneficial crisis”. As ex-Commission chief Romano Prodi remarked, it would allow Brussels to break taboos and accelerate the move to a full-fledged EU economic government.
What a horrifying thought.