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A provocative argument that unless Europe takes serious action soon, its economic and political decline is unavoidable, and a clear statement of the steps Europe must take before it's too late.
Alberto Alesina is Nathaniel Ropes Professor of Political Economics at Harvard University. He is the coauthor (with Enrico Spolaore) of The Size of Nations (MIT Press, 2003). Francesco Giavazzi is Professor of Economics at Bocconi University and Visiting Professor at MIT. He is the coauthor (with Alberto Giovannini) of Limiting Exchange Rate Flexibility: The European Monetary System (MIT Press, 1989).