So much for claims that Europe is in terminal decline, its economic and political model devoid of appeal elsewhere. As the U.S. fiscal cliffhanger showed, European decision-making practices are becoming all the rage in Washington. True, political America took only one all-nighter to do a deal that could have been done weeks ago — a noble effort, but still amateur hour compared to Europe’s run of six nocturnes in four weeks to reach compromises on Greece, banking supervision and euro governance late last year.
The U.S. is also learning from Europe how to sell short-term fixes as decisive breakthroughs and inspire markets to put on smiley faces, at least for a day. A belated new year’s toast to trans-Atlantic cooperation!