Europe is currently shrouded in the dark cloud of debt. The crisis, which encompasses financial, economic and political sectors, is widely viewed as the most severe in 53 years of European integration. This has once again cast doubts over the workability of the European Union (EU).

Can the EU pull through this time?

The debt crisis has dragged the EU into deep waters with hidden reefs. Financial and economic difficulties, escalating social conflicts, lack of institutional constructions, defects in development patterns are but a few of the troubles the EU now faces. Some people are even worried that the EU may have met its Waterloo ironically in the course of integration.