"I HAVE ALWAYS AVOIDED WRITING ABOUT SOME SUBJECTS — despite their importance — because they seem technical and irrelevant to Americans. One of these has been Europe’s plans to create a single currency (the Euro) by 1999. It’s a lunatic idea but, to be honest, one that I thought would collapse of its own stupidity. Unfortunately, it hasn’t, and so here goes. I write about it now not because it’s bad for Europe (an old notion) but because it may also be bad for the United States and everyone else."

—  Robert J. Samuelson  Newsweek January 13, 1997



-Trouble in Europe-

Europe’s financial woes are hardly new- and the current debt crisis is worsening with little hope of resolution. Perhaps German Chancellor Angela Merkel and French President Nicolas Sarkozy will represent the stronger leadership antidote, as professed in our 1984 cover story ‘The Decline of Europe’:

Leadership: In the end, any European revitalization will have to come from national leaders who combine a commitment to the European cause with a capacity for what Roy Jenkins, former president of the EEC commission, calls “imaginative generosity” or “farsighted self-interest.” They must also have the strength to persuade their domestic constituencies to accept short-term national sacrifices in return for long-term European benefits. In the early days of the Common Market, Robert Schuman in France, Konrad Adenauer in West Germany and Alcide de Gasperi in Italy played that role as if it were written for them. It is by no means certain that Europe has equivalent leadership now.

Newsweek April 9, 1984