A BIT like the 46A Dublin bus of old, EU integration proceeds, it appears, through long bouts of exasperating inactivity, and then three “vehicles” come along together. And we can all move on. Yesterday’s ruling by the German constitutional court clearing the way for the European Stability Mechanism (ESM), and the European Commission’s draft plan to give the European Central Bank (ECB) supervisory control over the 6,000 banks in the euro zone, came just days after the bank’s historic announcement that it was prepared to buy “unlimited” amounts of bonds from stricken euro zone members.
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