Mario Draghi may have lied to Zero Hedge [6]when saying there was no European "Plan B" (or Z), but he was right when he said that there has been a "vast amount of political capital that has been invested into the Euro." There is one problem: that political capital (like virtually every other form of capital in Europe) is evaporating at an unprecedented pace.
The following map from Votewatch may be in French, but what needs no translation is what Europe can expect following the 2014 elections for European Parliament [7]which start today and continue until the 25.
In short - with the biggest projected "gainer" in the election, and a forecast winner in places like the UK, France, Denmark, Poland, Finland and others, being v, projected to gain 56 parliamentary seats to a record 177 (at the expense of popular European parties), the surge in the "revulsion and loathing" at the concept of a "united Europe" is unprecedented.
At this rate one more election and the Eurosceptics will be the single largest political block in a "United" Europe. We hope even hard line eurocrats can see the problem with that outcome.
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So, Mr. Draghi, is it time for another political capital injection?