European politics is not all bad. Up to the Financial crash it was all going quite well.
However, the domino effect of the lending/investment crash in America demonstrated the appalling lack of financial controls in the world.
America has been able to put off the evil day of reckoning by adding a few zeros to its national debt and selling its future to China.
The weaker countries in Europe had no such cushion to fall back on and financially small countries like Ireland were left with out real credit lines.
Europe will definitely come out of the disaster in time. and on a stronger basis.
The danger for Europe is still the power of the Banks to do what they like.
In the long term the greater danger is for America, that is, when the rest of the world decides.. or needs ... to call in its debts. If they had to pay off their national debt in the time scale Ireland is being forced to, there would be total melt down.