Europe is an intriguing union, resembling a confederation that aspires to achieve the status of a federation. It has established several key institutions, such as an executive branch, a parliament, an upper house, a court of justice, a central bank, a common currency, a flag, and an anthem. However, despite these features, Europe’s shared budget is quite limited and primarily focused on defense-related expenditures.

In essence, while Europe has laid down the framework for a unified entity, its actual integration remains minimal, especially in terms of fiscal resources. The prevailing structure raises questions about its effectiveness and the extent to which it can evolve into a more cohesive federation, as highlighted by Niall Ferguson in his book "Colossus." The ambitious aspirations of the European Union contrast sharply with its current capabilities, revealing a complex dynamic in the quest for deeper unity.