EU GRAB BAG: Speaking of hypocrisy, the European Union is always cited as an example of how countries can pool their sovereignty. Except, of course, when their national interests are threatened. EU members are already changing the rules for Eastern European entrants.

Meanwhile, Romano Prodi, the president of the European Commission calls the macroeconomic rules underlying the Euro "stupid." (Here's the Google-translated Le Monde article). Prodi may well be correct on the economic fundamentals, but what's interesting in the Financial Times story is the suggestion that Prodi is attempting a power grab. The money quote: "It is clear that nobody has authority - that is the problem."