Great significance — probably too much — has been attached to a possible breakup of the eurozone. Many believe that such a breakup — if, say, Greece abandoned the euro and reintroduced the drachma — would constitute a political failure that would ultimately threaten Europe's stability. Speaking before the Bundestag last October, German Chancellor Angela Merkel put the matter starkly:
"Nobody should believe that another half-century of peace and prosperity in Europe is guaranteed. It is not. So I say: If the euro fails, Europe fails. That must not happen. We have a historical obligation to protect by all prudent means at our disposal Europe's unification process begun by our forefathers more than 50 years ago after centuries of hatred and spilling of blood. None of us can foresee what the consequences would be if we were to fail."
Europe has had more than 250 wars since the beginning of the Renaissance in the mid-15th century. So, it is not alarmist to worry aloud about preserving the sense of community that Europe has enjoyed for the past half-century.
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