For much of the past two years, as the European Central Bank (ECB) has struggled to prevent Europe’s sovereign-debt crisis spiralling out of control, the focus has been on what should be done to save the euro.

Today (18 October), as leaders gather in Brussels for yet another summit, the focus is shifting. The European Union itself, not just the single currency, is in jeopardy: this summit must at least maintain momentum towards a banking union to hold it together.

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