Its time to update the genius of America's Founding Fathers to fit our present circumstances. If we can't manage to be equal to their spirit, the democracy they so carefully crafted is bound to falter.
At a time when Europe seems divided, lacking vision and, according to some pundits, on the point of collapse, how can we reignite that shared vision and enthusiasm its founders had?
If we want to create more jobs, Europe has to invest heavily in the growth sectors of the future, be they genetics, nanotechnology or digitalization. This can only be done by strengthening research and innovation throughout the EU.
There is no legal framework for a member country to re-establish its own currency or for one member to expel another. Leaving would have far-reaching implications for a country's politics, finances, economy, society and future.
Have Europe's citizens lost faith in the European project? If so, why, and what could we do to reignite a sense of common purpose?
The European Union currently suffers from "competitiveness deficit" compared to other advanced economies. It has lagged behind the U.S. for the last two decades and, if we look at gross domestic product per capita, the gap has actually widened. Why is this?
How can we restore stability to the European banking system? A banking union is the only solution, including bank deposit insurance to protect savers' assets and a central regulator, the European Central Bank.
Symbolically, the Oslo ceremonies are an historical turning point for Europe. By recognizing the European Union's peacemaking past, the Nobel Prize challenges Europe to escape once and for all the destructive pull of narrow national interests and passions.
My recent experience in dealing with the financial crisis in Greece and in Europe has confirmed my belief that this is a political crisis more than a financial one. In trying to confront its fiscal deficit, Europe has run up a democratic deficit.
The Great Compression will give way to the Great Reflation, not next month or next quarter but at some point over the next 12 to 24 months. How this is done will make all the difference -- via beggar-thy-neighbor policies or internal, pro-growth policy implementation?
What if, as is incessantly threatened, Greece ultimately ends up pulling out of Europe? Everyone can always get out of everything, naturally. The Greeks themselves, blinded by bad shepherds or by their own populist passion, can decide to take this headlong escape.
Europe is at a crossroads. The wider European Union needs to decide whether to promote growth, speak with a common voice on global issues and play a significant global role in the 21st century -- or to accept that the world will move on without Europe.
Who cares about why and how Greece entered the eurozone? Who cares about state accountants tip-tapping on Excel fifteen years ago? Does this discussion make tomorrow's solutions more likely?
Austerity alone is not the answer. We need to show that we are responding the demands of Europe's citizens to find a better way out of our common crisis.
Is the EU perfect? No. There are no systems of government that are. Problems are only emphasised when trying to reconcile 27 different cultural, legal and political systems. There have been, and there will be, things given up in the task of creating a 'more perfect union'. The prize is immense.
The German high-tech know how being bought up by the Chinese cannot be copied, thus making the German engineers indispensable to Chinese companies.