The Week That Was The Irreparable Cracks in the EU's Foundation Last week, Italy and the European Union agreed to consolidate two problematic banks. The decision is a sizable step back in EU efforts to create a Banking Union and will make Germany less likely to accede to the EU deposit insurance that is the next step toward further European integration. This week, the EU Commission presented a series of proposals for a post-Brexit budget. The United Kingdom is a net contributor to the EU budget, and its exit from the union will leave a gap of 10-12 billion euros per year ($11.4-13.7 billion). Without the United Kingdom and its money, the European Union will basically have three options: reduce spending, ask member states to increase their national contributions or increase the revenue it generates.