The United States of Europe?

As the financial crisis in the euro zone has continued to spiral in recent months, Europe may be moving closer to centralizing coordination of debt and spending policies. Some global financial officials are endorsing a central European financial authority, with powers to tax, issue bonds, and approve budgets, as a way to combat inefficiencies in dealing with economic strife. Such a change could make Europe’s 17-nation economic union into a sort of United States of Europe. Louise Story, Wall Street and finance reporter for The New York Times, says it is not an entirely popular idea with voters and the process would be extremely slow.