Last Friday I wrote that I was going to let the dust settle before giving my views on the results of the EU summit. Too much was happening too quickly to make sense of it all and I wanted to let the news simmer a while before taking a view.And there was something else at work. Read the English language commentary about the European Union going back to 1955 and both the European Monetary Union and the launch of the euro, and that commentary was generally too skeptical. The Anglo-Saxon world kept saying the plane would never fly even as the awkward, bulky thing somehow launched itself into the air.It’s a kind of mirror image of the mistakes Europeans often make about the US. Prophesying the disintegration and decline of the United States has been one of Europe’s favorite parlor games since the days of the Continental Congress — but here we still are.Whenever possible, I try to do more than express my cultural conditioning and ideological predispositions in expository form when called on for an opinion; it isn’t always easy, but the struggle is worthwhile. Last Friday, my bred in the bone Anglo-Saxon skepticism about those dodgy Europeans was ready to call the agreement DOA, but over the years I’ve learned to the importance of holding that skepticism in check until I’ve thought things over. I’m not a running a hedge fund; I don’t need to be the first guy in town to pull the trigger on an idea.So I’ve reflected over the weekend, tried to think through what the Europeans are up to, watched the markets take their first and second thoughts, and here is the view: Europe once again has a fudge and not a fix. The agreements at the summit are “agreements to agree”, not actual steps. Germany and France are no closer to resolving their basic differences over the nature of the European monetary regime; the game of financial brinkmanship will go on. The world still does not know when or under what circumstances the ECB will assume unlimited responsibility for European debt, whether the EFSF will become an effective player in financial markets, or indeed whether France will keep its AAA rating.In some ways the situation is messier than it was before the summit. There is now a question over whether the new agreements and institutions being cobbled together will be able to use EU offices and laws as a basis of operation or whether the British veto will force the creation of a wide range of new organizations with new mandates and powers. If so, how will these work, how will their decisions be enforced, and how long will it take for them to be agreed and set up?Above all, the question that has haunted the euro from the day it was born is still unanswered: can a one-size-fits-all currency solution actually work in a continent so culturally diverse?It would be rash to say that the Europeans won’t someday get the euro right; there is a lot of political will behind this project, and rich, determined countries have a lot of things they can do. But as of now, they are no closer to solving their problems than they were a week ago, and the pressures they face are, if anything, mounting.For now, watch the ECB, rather than the chancelleries of Europe. That is where the action will be.