Almost everyone now agrees that the rules and institutions set up tomanage the 'euro' currency have proved inadequate to the task. Thesingle currency project was always ahead of what economic theory might dictate, but the debt crises that have consumed Europe's leaders since 2010 have revealed fundamental questions of politics and of good governance that will linger on the agenda for some years to come. Reforms to the institutional management of the 'euro' have been rightly criticised for being delayed, inadequate and largely locked-in to the same paradigm that created the imbalances in the first place. Of equal concern is the unprecedented intervention of the European Union at the domestic level to enforce discipline and a set of reforms. Both developments - at the European and the national level - stretch and expose 'Europe' to further risks of failure. What are the lessons to be drawn from the Greek crisis? The developments also expose 'Europe', and its advocates, to attacks from the political extremes. An agenda that once united and was a synonym for 'modernisation' has provoked new divisions. Can the European Union regain its momentum? This is an opportune time to examine the lessons and prospects - with further experience of Greece's performance and after the German elections.