This is also the moment of maximum peril for Europe’s most important political and economic project and if this were to fail, it would have the gravest consequences for Europe, never mind the rest of the world? All advanced economies are being X-rayed by the present crisis and revealing their skeletons and the weaknesses in their skeletons.
It’s true for all of us – for Japan, for the US, for Europeans. Europe’s skeleton of Europe is weak because the institutional framework is weak. I would confirm that is a major challenge and that it puts into question the strategy of all major advanced economies, including Europe and its institutional framework.