Europe's Doomsdayers Were Wrong in 2010, 2011, and 2012—and
They're Wrong Today   A continental recession is bad enough, but
it is not the same as dissolution and chaos  615 euro draghi
5.jpg   After a pleasant lull over the past six months, panic
over the fate of Europe has flared once again. Just weeks ago
the elites of Davos exuded confidence that the crisis had
passed; the events of the past weeks showed how ephemeral such
certainty can be.  But the easy resumption of dark
prognostications is just that: easy. The siren call of Euro-
pessimism should be ignored. It was wrong in 2010, and it will
be wrong now. Europe faces hard years with no clear path, but
that is not the same as dissolution and chaos.  So what changed?
The British government of David Cameron spoke with atypical
candor about the possibility of Great Britain leaving the Union.
Scandals rocked the Spanish government of Prime Minister Mariano
Rajoy, and Rajoy himself was accused of accepting illegal
payments. In Italy, one of the larger banks,