I don't think the Karlruhe Kardinales caused too much of a stir. Everybody knows the ECB is subject to EU and not German law, and so long as the ECJ goes along with it, the ECB can ignore Germany.

Yes, the Germans can throw their toys out of the pram or even get out of the pram altogether. They might be surprised how few would be bothered by that and follow them - Holland? Finland?

Meanwhile the ECB could become a real central bank and the other members could discuss steps towards greater fiscal union. Lots of things are possible when the requirement for unanimity is removed.

A multi-speed EU may be just what the doctor ordered...

Index of Frank's Diaries