European economic governance is now a reality. Let us try to bring some balance and composure after all the dramatic and disheartening assessments. The deep pessimism which currently surrounds developments in Economic and Monetary Union (EMU) is unjustifiable or, at the very least, excessive. It is my view that August 2011 will be seen as a significant date in the history of the construction of a united Europe. It was then that EMU once and for all overcame the imbalance between its monetary...