Desperate Measures

Europe Considers ‘Fiscal Union’

After the Financial Times’s Wolfgang Münchau declared over the weekend that “the eurozone has 10 days at most,” European leaders are scrambling for a plan. According to The Wall Street Journal, they are now considering “fiscal union”: making budget discipline in member countries legally binding and enforceable by European authorities. Such measures have long been considered political nonstarters, but recent turmoil in Germany, Italy, and Spain is changing some minds. The Journal says Germany and France are leading the push for the new plan. It's a move the Associated Press calls "a big leap toward the United States of Europe."