Europe is heading for what could be
the last stand in its two-year-old sovereign debt crisis. By the
time the Group of 20 nations holds its summit in Cannes, France,
on Nov. 3-4, the European Union aims to have a rescue plan sound
enough to ensure the financial troubles of struggling
governments don’t bring down the banking system.
If Europe wants to avert a financial and economic disaster
worse than that of 2008 and 2009, it had better apply