or the European project is at such low levels'? The history of Europe does show that revolutions are often imposed from above (e.g., Peter the Great, Otto von Bismarck, Napoleon) rather than below, so anything is possible. If my colleagues are right, losses suffered by holders of Greek, Irish and Portuguese debt may

ome not just another giant; it could offer the example of a new kind of cooperative multinational giant. When Ms. Merkel's 19th-century predecessor Otto von Bismarck was shown a map of Africa by an eager German colonialist, the Iron Chancellor, dismissing the strategic value of faraway colonies, replied that th

of widows' benefits, which were the predecessor of welfare in its Aid to Families with Dependent Children form. It was the bellicose German leader Otto von Bismarck who first instituted national health insurance. World War II spawned educational benefits and income support for American veterans and led, in the

of widows' benefits, which were the predecessor of welfare in its Aid to Families with Dependent Children form. It was the bellicose German leader Otto von Bismarck who first instituted national health insurance. World War II spawned educational benefits and income support for American veterans and led, in the