Wolfgang Münchau: “Based on previous performance, it is hard to imagine that the European Council will rise to the occasion. If it does, it is even harder to believe that they can get the support back home.”
That seems about right. One way to think about this occurred to me the other day when I read something that mentioned the constitutional provision that the president and vice president not be from the same state. In contemporary American politics, that’s a kind of funny anachronism. When it looked like the Bush-Cheney Texas-Texas ticket might have a problem in that regard, they just rebranding Cheney as someone from Wyoming. Nobody cared. People have, of course, some sense of local identity in the United States. But when it comes to politics, general partisan and ideological factors loom much larger than local or regional ones. What’s more, we have important cross-cutting ethnic and sectarian divisions. Europe’s not like that. Various banks, consequently, get to hide behind their respective nationalities as a tool to avoid losses.