Parallel with these changes, European leaders must publicly acknowledge that if the euro collapses, Europe will quickly revert to competitive devaluations, intra-EU protection, and “beggar-thy-neighbor” policies, all of which were evident in the 1970’s and 1980’s. European public opinion must be made aware that increasing interdependence means that the exchange-rate stability and gradual completion of the single market implied by the euro really do benefit all participants.