EU Only as Strong as its Weakest

Europe's transformation from a war-torn wasteland into a rich, peaceful confederation of nations was one of the great political achievements of the 20th century. The 21st-century effort to broaden and deepen that project, through the expansion of the European Union and the more robust political integration of its members, is one of the most ambitious efforts of our own time. The result is the world’s largest economic area and a continent that features a kinder, gentler social model than the one prevailing on this side of the Atlantic. In a number of ways, this united body has weathered the economic downturn better than the United States. But as the recession drags on, the EU’s underlying approach is showing some serious flaws—experienced most acutely as a crisis over the Greek budget deficit—and threatening both the viability of the EU and the global economy as a whole.