 One of the most surprising things about Europe today is how little anti-European sentiment there is. The institutional shift that is envisaged by the phrase More Europe is simply an institutional shift from a confederal structure, which is what the European Union currently has, to something more like the Federal Republic of Germany. The core way in which federations work is that the more productive parts of the Federation end up transferring resources to the less productive parts of the Federation. That's how it works. Everybody is locked into More Europe. There isn't a massive anti-European campaign anywhere, but they won't admit to themselves what More Europe really means, which as I've been trying to say means a transfer union, a federal Europe, the Federal Republic of Europe, with the transfers that that implies from the court of the periphery. The decision is very, very clear. Either you go to a federal system, not on austerity pack, that's not enough. There has to be a transfer union to use another German term, and there have to be Euro bonds. In other words, there have to be bonds issued by this federation, this European federation, with the full faith and credit of all the governments, including the German government. But if I were in the situation of having to sell the idea to German voters, I'd say this, look, if you go down the route of dismantling the monetary union, it's not going to be cheap. It is not because the scale of the debt and the scale of the productivity gap between Southern Europe and Germany is huge. So the transfers from Germany to the periphery are way bigger than anybody wants to say. It's probably around deep breath. 8% of gross domestic product from Germany to the periphery every year for the indefinite future. Now you know why Angela Merkel is desperate not to level with the German people. There's no point in any longer pretending that this isn't the project. German taxpayers are going to be transferring resources every year to Greek taxpayers. That's how it's going to work. The question is whether or not it's possible for Europe's diverse peoples to live in a federal political system. It's a game of Russian roulette. If you get this wrong, you have a Lehman Brothers event, probably a Greek default sometime this year. Nobody, nobody knows what the ramifications of that will be, except that I can tell you this, the European banking system will be in a situation of such dire crisis that not even the European Central Bank manically printing money will necessarily suffice to stop the crisis.