From a strictly economic view, my sympathies lie with the advocate-general and the ECB's Mario Draghi. The eurozone needs QE a l'outrance to avert a deflation trap. It also needs the OMT to reassure markets that there is a lender-of-last-resort in case a crisis erupts in Greece and sets off contagion. But the political destiny of Europe should not be decided in this fashion, lurching from crisis to crisis towards a sovereign union that no citizen has ever voted for.