Self-serving myths of Europe’s neo-Calvinists

The hallmark of fiscal integration is mutualisation – a greater pooling of budgetary resources, joint debt issuance, a common backstop to the banking system, and so on. Tighter rules are not so much a path to mutualisation, as an attempt to prevent it from happening.

This course of action is more likely to precipitate the euro’s disintegration than its survival.