Europe needs a new positive narrative to confront the plethora of serious internal and external challenges it faces. Otherwise, the entire European project as such may be at risk. This would be a historic mistake.
If invested with popular legitimacy, Europe's success will depend on balancing it with long-term focused meritocratic governance and avoiding capture by short-term and particular special interests. A middle Way between West and East is indeed necessary.
Americans must wonder how a faltering economy in Greece (population: approximately 11 million) can cause a rupture in the entire economic foundation of the eurozone, which is supported by a population of 332 million. Don't worry, we all ask ourselves this question from time to time.
As the end of 2011 neared, I looked at the Eurocrisis from a political perspective and concluded that the political system is incapable of solving the problem and probably will fail to do so. The markets will, sooner or later, figure this out.