This year, Europe has been shaken out of an unsatisfying stasis by heightened fears of deflation, vigorous central bank action, terrorism in France and political transformation in Greece. The continent’s political economy is getting more complicated, and boundaries are being tested. Many wonder how far the ECB’s quantitative easing program will go and whether it can prevent the evils of joblessness and deflation from worsening. Investors have fled the euro, and parity with the dollar is in sight. What’s the likely outcome for asset values in such a scenario? European politics reflects an unsettled landscape as well, with traditional parties failing to deliver solutions in many cases and polarization increasing. Will debates over immigration lead to policies everyone can live with? Is the monetary union resilient enough to withstand new challenges? Can this crucial player in the global economy effectively redesign its blueprint for growth?