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United States of Europe is coming, or is it an imagination?

What has been the driving force for change in Europe since WW2?  It has not been a straight line of thought, vision or strategy to build up what we have today, obviously. There is a huge democratic deficit. We have been forced, step by step, into today's bizarre status. Europe is a political union run by an “unelected” elite, unelected in the sense that we have not elected them to represent us in Europe. Elected through a closed college like system, in a sort of a way they represent their home country if they represent anything. At least that is the way it is perceived.

A United States of Europe is coming - via a revamped EFSF - whether we like it or not

The crunch time is here again. Zarky and Merkel agreed the terms of the Greek Bailout 2.0 last night. During the course of the day we will find out more of the details as the other eurozone countries have to be presented with the results of the negotiation where France had to convince Merkel of what in practice may be political suicide. It's about legacy of Merkel, not re-election.

As usual the plans were circulated by the European Commission yesterday evening, where all owners of Greek bonds that come due in the next eight years will be urged to swap their holdings for new bonds that do not mature for another 30 years. The silly bank tax, a 0.0025 per cent levy on all assets held by eurozone banks, was scrapped as Merkel won the skirmish against Sarkozy.

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