The only question that matters, exposing the central flaw of the project:

http://blogs.telegraph.co.uk/finance...pain-or-italy/

"If Spain’s governance model – based on a series of delicate compromises to reconcile different cultures and historical experiences – is so sensitive to any move in the direction of more centralisation, how easy will it be for the Eurozone to achieve fiscal federalism amongst 17 countries, with vastly different parliamentary and economic models, government structures, and cultural preferences?"