With Italy in turmoil, the EMU is coming up against its own contradictions and probably heading for a breakup. The mix of economic malfunctioning and open disregard for national sovereignty and democracy is highly combustible. Peripheral countries, in particular, are steadily forced toward the exit, with Greece under the most intense pressure.

This is probably the only way to break out of the trap of monetary union, while restoring sovereignty and reasserting democracy. Should that occur, the implications for the European and the global economy will be very severe. But those who decide EU policy would have only themselves to blame.