WSJ.com - Crisis of Democracy Faces Euro Zone
The Wall Street Journal reports: "In reality, the political end of the European project is now being completed, having been parked because it was too difficult a subject when the single currency was founded. So Ireland is not just 'linked' to another currency—its independence is no more than notional. In return for its bailout it will lose control over its corporate tax rates, if not this time then a little further down the line. There will be extraordinary oversight not just of budgets but all manner of other aspects of euro-zone countries' economies. That goes well beyond a pooling of sovereignty. If it walks like a government, and it talks like a government, then it probably is a government."