"European integration has been described as riding a bicycle – if you stop, you fall off. Many claim that the only solution to the eurozone crisis is greater European integration, but it is clear that there is little popular appetite for this. Is compulsory austerity ending all hope of a distinctive European social model? Are European institutions such as the Commission and the European Parliament now sidelined by negotiations between national governments? Is Europe now condemned to internecine squabbling and global irrelevance? Has the European project now reached its end? This lecture is part of the 2011-2012 Henry Grattan Lecture Series which will address the theme of The Debt Crisis: Causes, Consequences, Controls."