Champions of the European Project can claim a dubious vindication.
They never wavered in their faith that EU states would yield sovereignty to save the euro if push came to shove, that monetary union would force the pace towards joint EU government.
So it proves to be, for now. But let us not forget that Europe's ideologues have achieved this only by pushing the world to the brink of catastrophe and holding parliaments to ransom with their great gamble, just as the West's financial elites held parliaments to ransom in the banking crash of October 2008.
Once yields on 10-year Spanish and Italian bonds had blown through 6pc, global leaders knew we risked a second and more dangerous Lehman-AIG debacle within days. You cannot let two world class sovereign states blow up together. "The situation was really grave," said Herman Van Rompuy, Europe's president.
It is why President Barack Obama telephoned German Chancellor Angela Merkel to plead urgency.
It is why Britain's well-briefed Chancellor George Osborne abjured the central credo of Tory policy on Europe for twenty years and more or less urged EMU leaders to embrace fiscal union, warning of "the potential for a set of economic events that could be as damaging as 2008." (more)