Deficits are like cheeses: both come in many varieties, are something of a European speciality, and become problematic if left to fester too long. A deficit in government spending, the hardy perennial of European politics, has a proven ability to topple governments from Athens to Paris at a single whiff. A demographic deficit in most European countries brings into question the long-term viability of its welfare system—a problem as hard as an aged comté to scrape away. There are sectoral trade deficits, for example in manufactured goods with China or tech services with America, both of which make for geopolitical dependencies that leave European politicians bluer in the face than a vein of gorgonzola mould. Critics of the European Union’s institutions highlight the democratic deficit, whereby citizens across the continent have little idea what Eurocrats who are meant to be representing their interests in Brussels are churning on their behalf.