The European Union has reached an agreement to relieve Greece of half of its sovereign debt, and to boost the Eurozone bailout fund to €1 trillion. The agreement may well be funded, in part, by non-European governments, even private investors, but it shows a new commitment to the Union as such, even amid a surge of anti-Union feeling in several key democracies. For years, the leading obstacle to true integration of the European economies has been seen to be cultural and political reluctance to fully embrace political union.
Will this new commitment to shared responsibility and the future of the Euro currency mean the European Union itself will begin to commit more fully to long-term political union?