It's hard to love the EU – bureaucratic, legalistic, mired in gridlock. The euro crisis hasn't earned it much praise lately, either. But the EU still has vital clout. It can help force member states like Hungary to stick to democracy, rather than backslide into dictatorship.
European stocks as well as the euro dropped as optimism from last week's euro crisis summit yielded to tough questions about the EU's ability to avert fresh crises.
German Chancellor Angela Merkel has opposed many of the moves to stabilize the eurozone that her European colleagues favor. Is she the steady hand Europe needs now, or does she lack political courage?