September 12 was a momentous day for Europe. It saw three separate events that in a powerful way may come to remake the European Union. First, Germany’s Constitutional Court ruled that the nation’s parliament can ratify a new, permanent rescue fund for the eurozone, called the European Stability Mechanism, to the tune of some $645 billion in taxpayer money. The European Union would have been forced into an immediate financial crisis of unprecedented magnitude had the court declared the bailout illegal.
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