After 1992: The United States Of Europe
A British subject born in Eastern Europe summarizes existing European institutions, principally, of course, the EEC, and makes a case for a federated Europe encompassing most of the nations of the continent. He supports the principle of "subsidiarity" (a term coined in 1981 that is now a Brussels buzzword) and implies that the political union "shall only act to carry out those tasks which may be undertaken more effectively in common than by the Member States acting separately."
Related
The West has triumphed over its adversaries, but all is not well in the realm. Its voters are unhappy, its politics adrift. Now is not the time to pursue ambitious plans that would simultaneously deepen and broaden existing institutions. The West must lock in and eventually extend the greatest achievement of the past century: the creation of a community of democratic states among which war is unthinkable. The mechanism would be a transatlantic union committed to a single market and collective security.
Italy's entry into Europe's single currency was a triumph of fiscal displine over a long history of profligate spending. But Italy's embrace of European institutions is driven by more than just economics. "Europe" has helped Italy cement its national identity, clean up its politics, and modernize its laws. Although the European Union will never replace Italians' regional or national allegiances, it will always find its staunchest supporters in Rome rather than in Paris, Brussels, or Berlin.
To date, the successful launch of Europe's single currency has proven the euroskeptics wrong. But over time, the euro will be gravely threatened if the countries in the eurozone do not put their fiscal houses in order. Generational accounting, a careful analysis of long-term trends, paints a bleak picture: unsustainable spending will bury future generations under mountains of debt. Most governments using the euro must either endure deep budget cuts, swallow sharp tax hikes, or be forced out of the eurozone.

Sign-up for free weekly updates from ForeignAffairs.com.