From my email outbox ...

Context fairly self-explanatory I think.

[...] In general though, I think you do have a fairly important point that
a) EMU was always intended to lead to "ever closer union" ie fiscal
union, b) a fiscal union is more or less by definition going to end up
as a matter of big states both subsidising and bullying little states,
pleasing roughly nobody, and c) far too little work has been done on
getting the population of Europe aware of or reconciled to this fact.


best
dd