WHEN the Nobel committee awarded its peace prize to Barack Obama
in 2009, many wondered why it had been given to a man who, still
at the start of his presidency, had not yet achieved anything.
Today many might ask themselves why the it has been awarded to
an institution whose most ambitious project, the euro, is
failing so badly. As one wag put it on Twitter, “Note that the
EU does NOT win the Nobel Economics Prize.” The crisis may yet
destroy the euro and, with it, much of the European integration
project. It is creating economic pain in the most troubled
countries. The unemployment rate in Greece and Spain has passed
25%. Resentment is growing between creditor and debtor
countries. Protesters in Greece this week greeted Angela Merkel
dressed in Nazi uniform. Across the EU, popular support for the
European project is falling. Britain is openly talking of
loosening its ties with the union. Mario Monti, Italy's prime
minister, wants to convene a summit to combat falling support
for European integration. In Nor