Though it is not too late to save the euro, it is growing too late to save the E.U. The German-enforced belt-tightening needed to bring down debt is producing a popular backlash against the E.U. that could be its undoing. A dangerous gap has opened between the collective governance Europe needs to thrive and national populations that have grown openly hostile to the European project. Saving the euro is the easy part; restoring confidence in integration will prove both more decisive and more elusive.
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