• It was good to see some positive news on Ireland's bailout, but I'm concerned at how we got it. Maybe we should start looking at these developments in the grand scheme of things and the direction in which we are now headed.
In conceiving the euro, Helmut Kohl and Francois Mitterrand's ultimate goal was to achieve a United States of Europe. It was, and is, politically unpalatable to openly declare this.
Without a proper fiscal authority, the euro was destined to fail without changes to the way Europe as a whole is governed. Inducing crises would bring these decisions to a head. "Do this or the euro will fail!" we are told. And now we are seeing that come to pass. We are now clearly on the road to financial union.