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Construction workers at the site of the new headquarters of the European Central Bank.
Construction workers at the site of the new headquarters of the European Central Bank.
(KAI PFAFFENBACH/REUTERS)

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Euro zone banking union is coming. Resistance is futile

France and Germany are said to disagree (pundit variant: “clash”) over the euro zone banking union. Far from an indication that it won’t happen, this is a sign that it will. For the past 60 years, Franco-German differences have been at the heart of the European Union, both its curse and, once surmounted, its most powerful engine for progress. It is not different this time. The need for a common banking supervisor is a no-brainer. It does not take a Nobel Prize winner to find the compromise that will emerge from the current divisions.