Michael Cembalest da J P Morgan citado no Infectious Greed
To summarize, Europe seems to be on a Quixotic quest for mechanisms to support a peace that had already been obtained by 1954, or shortly thereafter. As a result, the European creation myth of the 1990’s (“Europe must accept supranational political and economic structures to prevent future conflict”) may be flawed. Such a flaw, to the extent that Europeans no longer believe it, may explain a lot of things, from public referendums rejecting the EU constitution; to the lack of widespread support for regional transfers; and the reluctance of countries like Ireland to yield sovereignty over their fiscal affairs. Taken to its logical conclusion, the European Monetary Union may continue to struggle under both the strain of its economic inconsistencies, and the weakness of its political roots.