Quote du Jour | Prepare for a two-speed Europe
Europeans should draw the consequences: prepare for a two-speed Europe, because this will inevitably be the result of further integration. They should create a constitutional arrangement for the EU that can accommodate one highly integrated core, the eurozone, and one less integrated group without the euro, ideally led by the UK. And they should expect that not all eurozone members will want to take that step, so some will leave the group even before the new setup emerges.
Within the eurozone, consequences will again follow. If the EU establishes a political union—the core of which will be a fiscal union, a unified budgetary process, a transfer union, and partly harmonized tax regimes—this entity will require new ways of legitimizing itself. Indirect mandates (such as those that national governments bring to the European Council when they legislate there) or half-baked ones (such as the European Parliament claims for itself) will no longer suffice to root legislative and executive action in the will of the people.