Wall Street Journal
May 3, 2011
The death of Osama bin Laden may or may not have great long-term significance, but there is no denying its immediate impact. After 10 years of vast expense, countless deaths and frequent setbacks, the U.S. can claim a cathartic victory at a time when even small wins are welcome. If this does not stiffen the nation's resolve to tackle its other problems with as much determination, nothing will.
The European Union in general, and the euro zone in particular, could do with a similar boost to morale. It is a year since the battle to keep the euro zone intact opened, when Greece became the first member of the currency union to seek a bailout. Europe desperately needs a victory, but right now it lacks even a vision of its future that can persuade its citizens to believe such a thing is possible.
Citizens need to believe that the economic problems they face can be confronted, and that victory in this struggle will leave Europe a better place. This need is particularly urgent in the three countries that have had to seek financial support from the rest of the euro zone and the International Monetary Fund, and Spain, which has been designated as the country that can't.
What these countries are being asked to do is to repay the vast debts not just of their public sectors but also of their banks while enduring sizable declines in real wages, and radical reform of their institutions and political culture.
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