The increasing risk of a euro area recession heightens the need for the region’s governments to move quickly to implement last week’s agreement to unify regional bank regulation and give support to Spanish banks, Standard & Poor’s chief European economist said. — (Bloomberg)

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This confirms my belief: “There’s a dangerously high probability that Europe’s announcement has come too late and that European officials will find themselves obligated to take very uncomfortable and hurried steps towards fiscal union in the months to come.” (Executive Summary: RCS Investments Outlook (Mid-2012))

The end game seems to be in view.  Europe must make the decision now to unite or fall apart.  Recent signals from infighting authorities makes me wonder whether they can.