NEIN, NEIN, NEIN, and the death of EU Fiscal Union

``The significance of yesterday's vote by the Bundestag to make the EU's €440bn rescue fund (EFSF) more flexible is not that the outcome was a "Yes"... The significance is entirely the opposite. The furious debate over the erosion of German fiscal sovereignty and democracy -- as well as the escalating costs of the EU rescue machinery -- has made it absolutely clear that the Bundestag will not prop up the ruins of monetary union for much longer.''