The giant financial rescue operation mounted by the eurozone’s leaders has been hailed – prematurely, some may think – as a triumph for Europe. But the question must be asked: what kind of Europe?

What is striking is that the response has been driven by national governments rather than by the European Union commission. Already José Manuel Barroso, the commission’s president, is facing stiff criticism that his team did not do more to anticipate the crisis and co- ordinate a pan-European response including all 27 member states.