Europe clearly has some really urgent issues right now.
However, in my opinion an even bigger problem is that Europe is rapidly losing its competitive edge in the world.
The following slide from Mary Meeker's Internet Trends 2011 presentation illustrates Europe's eroding position in global innovation. Europe's smart phone operating system market share, arguably one of the most significant technologies today, dropped from almost 70% in 2005, to below 20% today.
If Europe is able to clean up its current mess an even bigger and more important task awaits: to regain its competitiveness.