New phase. European construction is entering a new phase. Many facets of this new phase have yet to become clear, though a number of points are easy to see: (a) the eurozone is becoming a compact area, governed by uniform regulations that are monitored at Community level, where the role of the institutions is crucial and qualified majority voting is widely used; (b) the two-speed Europe will become inevitable in practice because of the opposition or reservations of a number of member states;...