Last weekend, everyone applauded Europe for doing everything it could to stave off a crisis. Leaders announced a combination bailout and quantitative easing that produced a huge initial rally.
Of course, now Europe is crashing again amidst rumours of Spain backtracking on its austerity budget, France wanting to pull out of the Euro, and general economic horridness.
So is the EU out of bullets?
Not technically. There is one more: full-on economic integration. That’s what Matthew Yglesias proposes today in a column for the American Prospect, and it’s what our own Gregory White predicted, though he predicted it would occur over the next decade. This would mean established, institutionalized transfers from rich to poor, like we have hear.
Now a decade is feeling like a long time. How soon will we see another big summit?