“I am struck by how little clarity exists on how, or even if, the European leaders (using the term relatively loosely) can quickly Federalize. When the USA was formed, you may remember that the Revolutionary War wound down in 1781, but it took until 1791 to form the first National Bank, and that only after the Constitution was ratified. Interestingly enough, the original states had huge issues between themselves, with the less indebted states being very opposed to taking on the debts of the more indebted states. Much of that indebtedness, by the way, came from states' funding of the Revolution - no one could argue that anyone was indebted out of gross mismanagement. My wife (the most expert person on this subject that I know) relates that the location of Washington, D.C. was part of the "deal" that finally allowed the US monetary union to go forward with clarity.

“Should Europe decide to become a single country, the road to unity will be fascinating. One might suggest that the new capital of the United States of Europe would be Berlin... because she who pays the debts of the weaker shall require a price... As a point of reference, it took 10 years for the USA to go from a group of allied colonies, with a common language, and no history of armed conflict between themselves, to become a Federal Government system with a real National Banking System. Of course, they had the advantage of a group of strong leaders who were running the country, with a pretty much universally respected President (Washington)...”

Eoin Treacy's view Thank you for this perspective which I'm, sure will be appreciated by the Collective. Europe continues to move toward a federal system in fits and starts. From a slow start, with the adoption of the Euro a decade ago, the process appears to be gathering pace as the current crisis forces tough decisions. Colloquially, having gotten the milk for free, creditor nations must now be encouraged to buy the cow which is not an easy task.