A recent article in The Times (of London) read: “The bailouts don’t work but they do allow the EU to build up centralized power at the expense of nation states.” The author continued, “The political motivation for tightening the debt yoke on Greece, Ireland and Portugal is even clearer. By turning these countries into permanent debtors to the ECB [European Central Bank] and the various EU bailout funds, Brussels and Frankfurt are enormously increasing the power of centralized European institutions at the expense of nation states” (May 11, 2011).