A fiscal union, a banking union, a United States of Europe has arrived! Don’t believe it? Just like many newborns, this one has its shares of wrinkles, but what you see is what you get. We discuss a tough love approach to move forward in Europe, as well as implications for currencies. A vision "Towards a Genuine Economic and Monetary Union" has just been published by the European Union. Key components include integrated financial and budgetary frameworks. The goal is to achieve a “strong and stable architecture in the financial, fiscal, economic and political domains.” For a vision to work, it has to be realistic. ... (full story)