Thus The Wall Street Journal today. “The eurozone equipped the European Central Bank with power to police many of the continent’s biggest and most vulnerable lenders,” explains the newspaper. Mario Draghi, the president, must be a happy camper. Indeed, the eurozone’s central bank is the only authority that could have been entrusted with the task. What is amazing about the latest news from the current summit of the European Union’s leaders, though, is that the question of sovereignty of member countries is not even mentioned in this connection. Given the importance of monetary policy in economic affairs, this is no less than staggering. The Union’s leaders must hope that the banking union will serve as an easy step toward the fiscal union, as well. Wisely, they let this step wait a while longer. But the question of sovereignty will surely lead to strong reactions across the Union. If it is to move in the direction of a federal arrangement of some kind, its constitution has to be rewritten. Bulky as it is, the Lisbon treaty provides for all sorts of things, but not for the common economic policy across the eurozone, let alone the entire sub-continent. It is high time for the critics of a federal Union by stealth to come forth, for the political union is lurking behind the corner. And there is no time to waste.