Blessing in disguise?

Bulging deficits and a series of sovereign credit downgrades have made new debt almost prohibitively expensive for Europe’s weakest links. The gap between yields has led some observers to question the future of the entire bloc. But with a bit of vision and a dose of solidarity, a much happier ending is possible for the EU. What is called for is a central borrowing authority that any country could use – under certain conditions. The debt would be the shared liability of all the members and the c...