I would recommend that anyone interested in the future of Europe take a look at the speech by EC President Jose Manuel Barroso (all right, stop laughing!). Really.
He push a union on three fronts: banking, fiscal, and political.
What's a political union? "Today, I call for a federation of nation states. Not a superstate."
What is "a federation of nation states"? He did not provide much elaboration, but he did say it would have "a coherent foreign and defense policy."
If that's not a United States of Europe, I don't know what is.
Here's the link to the speech.
Take that, Putin! Buried deep in Barroso's speech is that slap in the face to Russia's Vladimir Putin: "In our countries two or three girls do not go to prison because they sing and criticize the ruler of their country." He's referring to the Russian punk-rock group Pussy Riot, three of whose members have been imprisoned for singing anti-Putin songs.
Finally: how tough is it in Spain? The Andalucia Masters at Valderrama — one of the main stops on the European golf tour — was cancelled due to a funding crisis. The local government couldn't afford it.
—By CNBC’s Bob Pisani
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