"The banking union destroys two illusions that accompanied the creation of the euro -- one held in the eurozone itself, one outside. The first was that a minimalist monetary union would be sustainable. The outsiders succumbed to the illusion of a false menu choice: the ability to pick and choose areas of European integration to take part in. It turned out that remaining inside the EU but outside the eurozone was still not a sustainable biosphere.
As time goes on, the eurozone will usurp the EU. It will have its own banking union, its own budget, its own political union and, ultimately, its own single market -- something that is not legally possible now. The fundamental reason why Britain is now headed for a probable exit, or at least for marginalisation, is not a eurosceptic prime minister but the decision taken 15 years ago not to join the euro.
The banking union and its various cousins constitute the biggest act of political integration in Europe since the creation of the European Economic Community 55 years ago. I believe that they will be even bigger than the euro itself because they are a significant encroachment on national sovereignty on several levels".
Wolfgang Munchau, "Banking union will not end Europe's crisis" (Financial Times, 22.10.2012).
