Behind the monetary lurks the fiscal; behind the fiscal, the economic; behind the economic, the political; and behind the political, the historical. The deepest reality underlying this crisis is that the personal experiences and memories that have pushed European integration ahead for 65 years, since 1945, are losing their force. The personal memory of war, occupation, humiliation, European barbarism; fear of Germany, including Germany's fear of itself; the Soviet threat, the cold war, the "return to Europe" as a guarantee of hard-won freedom; the hope of restored European greatness.

These were massive biographical motivators, which drove people like Mitterrand and Kohl even unto the euro. Can Europeans go on building Europe without such profound motivators? Are there new ones in sight?