Europe’s economic and monetary union was created to help bring peace and stability to the continent, but some of its underlying elements overlooked dangers that contributed to today’s euro crisis.

Three long-term challenges—rising debt levels, tension between national institutions, and dependence on imported energy—now confront the EU. Dealing with them requires further integration and closer coordination among member states.

Although recovery from the global financial crisis will likely occur in 2010, forecasts are imperfect and great economic damage has already been done. Leaders at the upcoming G20 summit must adopt more ambitious and coordinated policies to address this crisis.