December 14, 2012
The Re-emergence of Europe
"Europe has reached a critical tipping point. It faces either disintegration and collapse or a chance to achieve deeper integration and emerge much stronger from the current crisis. For the moment, the European project of integration is halted midstream: between the old collection of nation-states and full European political union. In the years to come, a multitude of scenarios and variations ranging from a disorderly collapse to a flamboyant “resurrection” are possible, many of which, with hindsight, will surprise us – possibly on the upside. Even in the worst-case scenario, a “Europe” and institutions referred to as the “European Union” will remain. My own prudent prediction for Europe is that it will manage through the turmoil, with the euro intact, even if one or even two countries were to leave the eurozone. Based on the analysis laid out in this book, my firm and optimistic belief is that, once the crisis subsides, which may take up to a decade, Europe will regain its momentum, propelled by a renewed sense of mission among politicians and policy-makers to keep this decades-long project on track and moving forward."