A failed Europe has the potential to cause the rest of the world to fail as well, and at the very least would likely result in a “lost generation”, characterised by unemployment and low growth across the board. The potential for this disaster is very real and as Europe stands on the precipice the rest of the world needs to exert whatever influence it can to see that Europe does not indeed falter as it did during the 1930s. History has shown that the costs of such a failure are too steep to bear.