Financial Times
June 21, 2010
For the past few months, the words “Europe” and “crisis” have been inseparable companions. First, there was the threat of sovereign debt crises across the European Union. Now there is the spectacle of the most famous footballing nations in Europe floundering at the World Cup: Italy unable to beat New Zealand, England held by Algeria, France humiliated by Mexico.
Beyond its immediate economic and sporting struggles, Europe is suffering from a deeper malaise. The modern EU has its origins in the Treaty of Rome of 1957. That means that the Union is now 53 years old – a classic age for a midlife crisis. And sure enough, the EU betrays every sign of a debilitating loss of a sense of purpose.
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