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Finally, the euro zone has agreed to some fiscal integration.
By June, with bond yields dangerously high, Rajoy was arguing for more fiscal integration.
But it may not be so strong that it can support closer fiscal integration.
There has to be some form of fiscal integration and some agreement on austerity measures".
But the idea of closer fiscal integration will not go away.
As more calls are made for deeper fiscal integration within the eurozone, the likelihood of some sort of Eurobond increases.
The current "mismatch" between a single monetary policy and a lack of fiscal integration is not sustainable, he added.
The euro's design was flawed, without fiscal integration or a central bank to act as a lender of last resort.
What are the chances that the EU can agree on an even bigger leap towards fiscal integration?
One prong is to impose far greater fiscal discipline on countries; the other is to push for more fiscal integration.
But since the likely solution involves greater political and fiscal integration, it could become harder to join later.
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