Imagine the United States not as a single, unified entity consisting of a common people but as a loose association of 50 separate states, with 50 separate histories, 50 different languages and 50 unique cultures. And then imagine that a major crisis challenges the very foundation of this union, and any serious action requires the approval of all 50 states.
How confident would you be that, without significant structural reforms, the union would last?
This is roughly equivalent to the challenge the Eurozone faces today. Without strong leadership, the future of the euro - and the European project - is in jeopardy. Thankfully, there is a historical example from which the Europeans can learn.
Before the United States had a Constitution, it was governed by a toothless document called the Articles of Confederation. The central government formed under this agreement was incredibly weak, and major decisions had to be ratified by all 13 states. Lacking the power to tax or govern effectively, the Articles were exposed as insufficient. Something had to be done.
In 1787, an historic convention convened in Philadelphia. After months of deliberation, the delegates created a strong federal government under the auspices of the new U.S. Constitution. It was so expertly crafted that it is still in use to this day.
Just like America’s pre-Constitution days, the Eurozone is in a bind. Major decisions require approval from all 17 nations. Finding common ground (and making “European” decisions) is often difficult and unpopular domestically. The current debt crisis has made it abundantly clear that the structure of the European Union is such that it is not a reliable source of decisive leadership.
Thus, the EU faces a choice: It must either strengthen the central governing institutions in Brussels and Frankfurt or face the prospect of the entire European project unraveling. In short, this is Europe's Articles of Confederation moment.
This is a decision of tremendous global significance. While the first financial crisis of 2007-08 was largely America's making, the current one is largely Europe's. A failure to reach agreement in how to deal with Greece and the other struggling peripheral economies could cause a radical shift in the membership of the Eurozone. This alone could throw the world back into recession - if it is not headed there already.
The European Union was formed precisely for the reason of preventing this sort of catastrophe. Francois Mitterand and Helmut Kohl - the architects of the European Union - believed that political and economic unification would stabilize the future of Europe. After much success, however, cracks are starting to appear in the Union.
Perhaps most troubling for the future of the EU, the current crisis has fueled nationalistic sentiments. The Germans are understandably tired of footing the bill while Greeks live a remarkably pampered existence. The Greeks have responded by playing the "Nazi card," saying Germany owes them reparations for World War II.
More disharmony festers elsewhere in Europe. Denmark reinstituted border controls, setting back the milestone achievement of passport-free travel known as the Schengen Agreement. France and Italy have expressed a similar sentiment, largely stemming from the desire to curb illegal immigration from Africa.
Belgium has not had a government for well over 470 days as warring political parties have prevented the formation of a governing coalition. Even worse, separatist parties, that favor breaking Belgium into two countries, received enormous support from voters.
Indeed, the situation in Belgium is a microcosm of the EU crisis: Wealthy, Dutch-speaking citizens in the northern region of Flanders are tired of subsidizing the poor, French-speaking citizens in the southern region of Wallonia.
And from across the English Channel, Euroskeptic Tories are gleeful at the circus occurring on the continent.
Obviously, this is not a recipe for long-term success. Europe lacks the common brotherhood and unity of purpose that has (almost) always kept the United States together. The conservative-liberal divide that plagues American politics looks puny in comparison to the possibly existential challenge facing the Eurozone.
However, at this point, it is still far too early to sound the death knell for the European Union. There is still time for decisive leadership to restructure and strengthen its governing body. But, that time is growing shorter. And without a strong, central government, the EU's future is not bright.
Perhaps Europe's leaders could gain inspiration by learning from the 18th Century missteps of a nascent United States.