Krugman: The danger from the right in Sunday's European election
Its hard to imagine war in todays Europe, which has coalesced around democratic values and even taken its first steps toward political union. Indeed, as I write this, elections are being held all across Europe, not to choose national governments, but to select members of the European Parliament.
But heres the thing: An alarmingly high fraction of the vote is expected to go to right-wing extremists hostile to the very values that made the election possible. Put it this way: Some of the biggest winners in Europes election will probably be people taking Vladimir Putins side in the Ukraine crisis.
The truth is that the European project peace guaranteed by democracy and prosperity is in deep trouble; the Continent still has peace, but its falling short on prosperity and, in a subtler way, democracy. And, if Europe stumbles, it will be a very bad thing not just for Europe itself but for the world as a whole.
Why is Europe in trouble?
The immediate problem is poor economic performance. The euro, Europes common currency, was supposed to be the culminating step in the Continents economic integration. Instead, it turned into a trap. First, it created a dangerous complacency, as investors funneled huge amounts of cash into southern Europe, heedless of risk. Then, when the boom turned to bust, debtor countries found themselves shackled, unable to regain lost competitiveness without years of Depression-level unemployment.
http://www.nytimes.com/2014/05/23/opinion/krugman-crisis-of-the-eurocrats.html