Everyone Is Way Too Optimistic About Europe

angela merkel

Photo: AP Images

Over the past few months I’ve read a number of optimistic assessments of the prospects for Europe. Oddly, however, none of these assessments argue that Europe’s German-dictated formula of redemption through suffering has any chance of working. Instead, the case for optimism is that failure — in particular, a breakup of the euro — would be a disaster for everyone, including the Germans, and that in the end this prospect will induce European leaders to do whatever it takes to save the situation.I hope this argument is right. But every time I read an article along these lines, I find myself thinking about Norman Angell.

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