For some further insights into some of the questions raised in Mr. Munchau’s essay, and other pertinent questions about the how of the EU, and it’s methods and self-serving ‘legal interpretations’ see Mr.Nathan Tankus’ essay:
Mario Draghi: The ECB Has No Mandate To Ensure Checks Clear Or Credit Cards Work
The Tankus essay adds dimension to Mr. Munchau’s insightful and utterly necessary rejoinder to EU apologists i.e. the ‘Serial Defaulter’ Germany, and their putative ‘Hero’ Schäuble The Terrible.
StephenKMackSD
http://www.ft.com/intl/cms/s/0/e903ad46-3201-11e5-8873-775ba7c2ea3d.html#axzz3h0YOxz9F