The European Union is at a critical juncture. The 1992 Maastricht Treaty established a currency and monetary union, but not an economic or a fiscal union. Twelve years after the introduction of the euro, it seems that this agreement is no longer sustainable, as the debt crisis has clearly exposed the inherent contradictions in the current EU institutional design. And now, European leaders are presented with a momentous opportunity to transform the course of European history. How far will they go to defend the euro? Will there be further bailouts? Is this the end of the European Union as we know it? Join us for part two of our fall 2011 Global Economy Series with Gillian Tett, as she discusses the role of governments, central banks, rating agencies, and financial markets in the crisis, and the ramifications for Europe and the global economy.