EUROPEAN MONETARY UNION. BOOM OR BUST?
. Gideon Rachman: "When Europe starts to melt at the edges", Financial Times

Fascinating article by Gideon Rachman. When it comes to the future of the euro, the FT columnist and blogger sees two possible outcomes: (a) the European currency is dismantled, as Mediterranean countries fail to keep their fiscal houses in order; (b) American-style federalism takes over, with Madrid, Rome, Athens and Lisbon surrendering the management of their budgets to Brussels. Correct me if I'm wrong, but doesn't outcome (b) look a lot like Alexander Hamilton's solution in the 1790s?