Pity poor Europe. 2014 was supposed to be the year that they finally put the Eurocrisis behind them, culminating with a stress-test of banks to prove they could weather the next downturn. There has always been hope for a little bit more growth, too, showing that the forced marriage of nations had benefits beyond just staying together for the kids’ sake.
Then, it all blew up in Ukraine.
Like the previous crisis Europe faced as a freshly united single entity, this one was partly their own making. Ukrainian President Yanukovych was clearly fishing around for about $15B to stabilize his country – and when Europe couldn’t offer reasonable terms he went over to Russia for it, sparking this whole conflict. Europe eventually had to offer the new, less legitimate government the same aid when things turned again. But unlike the previous Eurocrisis, this is an external conflict that will test their determination to stand together to face a more horrible threat – war.