The continuing evolution of Europe: introduction and overview / Thiess Buettner and Wolfgang Ochel -- Financial market regulation in Europe / Paul de Grauwe and Frank Westermann -- Global constraints on European integration over the next few decades / Peter Egger and John Whalley -- Do we need national or European champions? / Christian Gollier and Ludger Woessmann -- Reforming the European welfare state / Martin Werding and Kai A. Konrad -- Europe at a crossroads: reforming political institutions and public sectors / Massimo Bordignon, Thiess Buettner, and Frederick van der Ploeg