Robert Samuelson says that Europe is going out of business.

A few countries (Britain, Ireland, the Netherlands) have acted, and there are differences between Eastern and Western Europe. But in general Europe is immobilized by its problems. This is the classic dilemma of democracy: Too many people benefit from the status quo to change it; but the status quo isn’t sustainable. Even modest efforts in France and Germany to curb social benefits have triggered backlashes. Many Europeans — maybe most — live in a state of delusion. Believing things should continue as before, they see almost any change as menacing. In reality, the new E.U. constitution wasn’t radical; neither adoption nor rejection would much alter everyday life. But it symbolized change and thereby became a lightning rod for many sources of discontent (over immigration in Holland, poor economic growth in France).

With the recent drop in the Euro, they may in fact be about to have a going-out-of-business sale.