From The Economist:
Pinch yourself. Much that could have gone wrong in the euro zone suddenly seems to be going right. Germany’s constitutional court in Karlsruhe has given the go-ahead for a new rescue fund. A banking union is taking shape…this builds on a recent pledge from the European Central Bank (ECB) to act to stop the break-up of the currency. Even angry talk of expelling the Greeks from the euro has died down.
And Europe is moving to becoming a federalist nation, at least for monetary purposes. With many more leaders calling for political federalism too.
Should we break out the Federalist Papers from John Jay, James Madison, and Alexander Hamilton in 1787?