It’s binary. Either German Chancellor Angela Merkel has to bow to the logic of her predecessor but one, Helmut Kohl, who always saw monetary union as a route to federalism, or it’s over—and the process of European disintegration is about to spiral out of control. Put another way: if Europe’s leaders try kicking the can one more time, it will turn out to be packed with explosives.
Monday, June 11, 2012
We'll see how long the latest Euro rescue lasts
Europe is still trying to buy time with this latest Spanish bailout. Niall Ferguson writes