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Many
people would like to believe that the euro crisis is over. In reality, Europe’s
leaders are sleepwalking through an economic wasteland. If they do not act, the
euro zone faces stagnation or break-up, or possibly both. Our cover leader in
Europe this week urges
the sleepwalkers to wake up. Our cover story elsewhere urges Barack Obama,
currently beset by scandals, to
press ahead with big reforms that can still make a success of his second
term. Letting in dynamic immigrants, revamping the tax code and reforming
entitlements would make the Great Society safe for another generation.
John Micklethwait, Editor-in-Chief
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