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For all the turmoil, fears of countries' repeatedly defaulting on their debts or the total collapse of the euro are vastly overblown. The eurozone countries have demonstrated that they can and will resolve each successive stage of the crisis by cooperating and sharing decision-making powers. They have created a host of new continent-wide institutions, built a substantial financial firewall to prevent debt problems from spreading, and are now well on their way to creating a banking union and a partial fiscal union. When the dust settles, the common currency, and indeed the entire project of European integration, is likely not only to survive but to emerge even stronger.