Judging from population, natural resources, and human capital, the European Union should be the leading power of the world. For the moment, however, its stagnation obstructs its potential leadership. What we call the European Project has been stopped in its tracks. We have a monetary union, and we have taken a few tentative steps towards some kind of political union, but we have no tax or fiscal union – no debt financing union – to go with it. And that is likely to remain the case.