Emmanuel Macron's Grand European Dream Is Out of Reach

European leaders will meet in Brussels at the end of June to discuss how much deeper to push the euro zone’s monetary union. While there’s been plenty of hype about the summit, it risks being a disappointment. Most of it will just confirm what’s already been agreed. And, in typical European fashion, many big questions will remain unresolved – until the next crisis makes them unavoidable.

French president Emmanuel Macron wants a more federalist Europe, including a European Treasury and a euro zone finance minister. Last week, in a newspaper interview, German chancellor Angela Merkel gave her most detailed response yet. She pays lip service to strengthening the so-called “banking union”, which has transferred power over banks from member states to the EU. She also supports the idea of a small investment fund and some minor changes to the European Stability Mechanism, the euro zone’s tool for bailing out countries.