They say that breaking up is hard to do. 
Now I know, I know that it’s true 
Don’t say that this is the end. 
Instead of breaking up 
I wish that we were making up again. 
– Neil Sedaka, 1962

I have contended for some time that Europe is faced with two choices: Disaster A, which is the break-up of the eurozone, or Disaster B, which is the creation of a fiscal union, which keeps the euro more or less intact. Over the last few months I have come to realize that there is indeed a third option, which now looks increasingly possible. This is rather … [visit site to read more]