For the past 18 months, European policymakers have been trying to deal with a crisis that represents the biggest challenge to the European integration project since its creation after World War II. The very symbol of it — the euro — is under threat. The idea of the euro’s demise — unthinkable only a few months ago — has since been openly considered by many. It would carry traumatic and long-lasting consequences. The crisis has already had a profound political impact, sweeping aside leaders in no fewer than five member countries of the EU, two of which — Greece and Italy — now have unelected, “technocratic” national emergency governments. If after Greece, Portugal, and Ireland, Italy were to fall into a debt spiral, it might be the domino piece that could bring down the entire European Monetary Union.