For a continent that has been a pillar of human civilization for thousands of years and 2 World Wars, the century that seems to be causing Europe the most trouble is the 21st. First there was the volcanic ash cloud from Iceland, then the sovereign debt crisis that started in Greece and will continue to play itself out throughout this year in the rest of the PIIGS countries, and now a hung Parliament in Britain, the continent of Europe is under some stress, no doubt. But I think all Europeans would be a huge disadvantage worldwide if they decided to dissassemble the European Union and adoption of a single currency.
Despite the vast economic and cultural differences, in a globalized economy, the only way Europe even has the faintest chance of having a voice in the world is as a unified continent. Europeans are too interconnected to start the process of disentangling themselves. Rather, they should resist the easy way out and not disbanding their common currency or break themselves up into their respective nations.
The world is a mess right now. The world greatest economy collapsed and the ripple effects of that collapse will continue to be felt for years. The United States is having its own problems growing into the 21st century, but so far only Texans are considering ceding from the union. Europe should look at long term global solutions rather than the short term economic benefits.
Ultimately, the world will need to have 3 currencies to trade in: the euro for Europe, the renumbi from China as the defacto Asian currency, and the U.S. dollar for North and South America (and England). Introducing new currencies only further delays a larger global economic issue of how trade will be conducted in the 22nd century.
(Sorry I just watched Steven Hawkins Into The Universe on the Discovery Channel and I'm thinking on a universal scale: http://dsc.discovery.com/tv/stephen-hawking/ )
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