from Timothy Garton Ash:

The passive consensus in favor of Europe is bigger than it appears in Great Britain.

If I were to draw this as a cartoon, he would be the pet shop owner in the famous Monty Python sketch. “British support for Eurocracy isn’t dead. It’s just restin’.”

Pointer from Tyler Cowen. He also points to Wolfgang Munchau, who thinks that the parrot will be deceased within ten days, unless some remarkable things happen quickly, including

a fiscal union. This would involve a partial loss of national sovereignty, and the creation of a credible institutional framework to deal with fiscal policy, and hopefully wider economic policy issues as well. The eurozone needs a treasury, properly staffed, not ad hoc co-ordination by the European Council over coffee and desert.

At this point, it may be that Europe and its banks are in for a hard landing no matter what. In that case, emergency measures that stifle popular democracy would not seem to be the best way to preserve political stability. The way I look at it, in order to rule you need some combination of an intimidating aura, personal charisma, and popular legitimacy. The eurocrats don’t seem to have any of those. In that context, I am inclined to bet that one year from now national sovereignty will be stronger, not weaker, than it is today.