Taken as a whole, the European Union, not the United States, is the world\u2019s largest economy; the European Union is fully coequal with America in the running of the global trading system; Europe is the world\u2019s most important source of foreign aid; and Europe is, whatever some Americans may think, a crucial partner in the fight against terrorism. A troubled Europe is bad for everyone else.<\/p>\n
In any case, the odds are that the current tough-it-out strategy won\u2019t work even in the narrow sense of avoiding default and devaluation \u201d\u201d and the fact that it won\u2019t work will become obvious sooner rather than later. At that point, Europe\u2019s stronger nations will have to make a choice.<\/p>\n
It has been 60 years since the Schuman declaration started Europe on the road to greater unity. Until now the journey along that road, however slow, has always been in the right direction. But that will no longer be true if the euro project fails. A failed euro wouldn\u2019t send Europe back to the days of minefields and barbed wire \u201d\u201d but it would represent a possibly irreversible blow to hopes of true European federation.<\/p>\n
So will Europe\u2019s strong nations let that happen? Or will they accept the responsibility, and possibly the cost, of being their neighbors\u2019 keepers? The whole world is waiting for the answer.<\/p>\n