The road-map is there. The road remains arduous, full of ambushes and challenging.
During that journey, the Euro will remain as the anchor of European economic integration and Greece will be part of the trip.
The eurozone will not break up. The price of departure is simply too great for any one country. Indeed, when Mario Draghi announced on 6 September that the European Central Bank would undertake unlimited purchases of government bonds, the continent crossed the bridge to its future.
It is the season of lists: best movies, best books, and on and on. I thought it would be interesting to do something very different: a geo-political-economic list -- a list of the globalization top five from an American perspective.
Let's step back for a minute and think about Europe when we strip away the clutter. An economic theorist might view Europe as an illustration of what economists call "risk-sharing": activities that spread or share risk across individuals so that everyone bears only a small amount.
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.
European Central Bank (ECB) Chairman Draghi has a very big agenda. Armed with only a printing press, he's pledging to directly bail out the GIIPS (Greece, Italy, Ireland, Portugal and Spain) and indirectly bail out their economies.
When I was in graduate school at the University of Michigan, I got to work with the "Michigan Model," a statistical model of the U.S. economy that had gained national recognition for its accuracy and simulation capabilities.
Europe's politicians have lost sight of the real problem -- the structural problems stemming from high administrative burdens and the unpredictability of tax systems that ultimately result in too-high production costs, which in turn stifle creation and restrain innovation.
Some pundits do not understand the complexity of eurozone politics, do not grasp the technical complexities of the economics or understand the stakes. But then I get the sense that many Europeans don't either. And Minc is right: Progress has been made.
The world economic recovery continues, but it has weakened further. In advanced countries, growth is now too low to make a substantial dent in unemployment. And in major emerging countries, growth that had been strong earlier has also decreased.
Probably the most convincing evidence that Quantitative Easing works is the revival of housing sector. Economists agree that the collapse of housing values is a major deterrent to consumer spending. Housing could finally begin to recover this year.