Is the mismanagement of successive Greek governments truly the main cause of this crisis? Certainly not, Greece represents only 3% of the European economy. If (the Europeans) had reacted in time, with clarity and composure, the Greek problems, no matter how serious, would have been contained within this vast Europe. Difficult and painful measures would have needed to be taken by all sides, but Europe would have shown determination and thus created clarity and trust - as well as a new future for the struggling countries...

The crisis could strengthen the Union, accelerate the process of unification, something that many hope for. However, there is also the possibility that the Union may ultimately play a more limited role, as a looser link of European states. There, Germany is likely to maintain a dominant position, though without enjoying the prestige of a true leader. After acting for many decades motivated by feelings of guilt, it would now need to act with magnanimity, and this is something the Germans find challenging.