Very quickly, there has been much loose talk about EU fiscal union. What was agreed at 4AM this morning is nothing of the sort. It is a "Stability Union", as Angel Merkel stated in her Bundestag speech. Chalk and cheese. "Deeper economic integration" is for one purpose only, to "police" budgets and punish sinners. It is about "rigorous surveillance" (point 24 of the statement) and "discipline" (25), laws enforcing "balanced budgets" (26), and prior vetting of budgets by EU police before elected parliaments have voted (26). This certainly makes sense if you want to run a half-baked currency union. As...