THE BREXIT AND THE TEXIT
Last year, Europe's fear was the Grexit - Greece's leaving the EU. Now, the fear du jour is the Brexit - Britain's departure.
Yet British Prime Minister David Cameron's pledge for an 'in-or-out' referendum on UK membership in the European Union will be overtaken by internal events long before we reach 2017. The vote may never be necessary.
The eurozone's North-South misalignment has not been resolved. The Club Med bloc is still sliding into deeper depression. The financial crisis - never more than a symptom - has graduated into a more intractable economic, social, and therefore political crisis.
Take a moment to read Eurozone crisis: it ain't over yet by Professor Paulo Manasse from Bologna University, posted on VOX EU.
Look at the German-Italian gap below. The two economies have diverged 14% of GDP since 2006 and the split is certain to keep growing this year, next year, and the year after that:
