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Events in Europe in the year to mid-2012 were dominated by economic and financial problems that threatened to break apart the euro, the common currency used by 17 European nations; the potential disintegration of the currency was generally agreed to spell disaster on a global scale. The risk of a partial or total breakup grew during the year as governments failed to achieve consensus on big, bold solutions and continued to muddle through. The effect of the financial crisis was evident across Europe not only in poor or negative economic growth rates but in the fact that, by mid-2012, ten of the 17 eurozone countries had changed their governments. Adapted from the source document.

It is argued that Europe isn't the good 'global citizen' it claims to be in that its foreign policy preoccupations tend to internal, and the 'European economy' is better described as a heterogeneous entity than a single movement. The article also takes to task Europe's social model as being unfriendly to immigrants and its health care as being mostly substandard for the insured. Adapted from the source document.

In this section on the Capabilities, Trends & Economics of regional military defense capabilities, the military trends & priorities of Europe are assessed. A discussion of the European defense debate characterizes diverse national defense policies as a hindrance to a cohesive approach within the European Union. Discussion of NATO operations identifies current deployment & limited capabilities in Iraq & Africa, cooperation, & future NATO expansion. The European Security & Defense Policy (ESDP) national force developments address conflict, & terrorism in individual countries. The strengthening euro, & new initiatives by the European Defense Agency (EDA) indicate growth that is further supported by Italian, French, Greek, & UK military fiscal policy. Analysis of the non-NATO European defense identifies challenges to Croatia, & downsizing and budget cuts for Sweden. A detailed assessment follows of NATO & non-NATO countries military capabilities that inventories troops, organizations by service & equipment, deployment, & foreign forces. Tables. J. Harwell

The most significant development in Europe during the year to mid-2013 occurred shortly after it began, with a declaration from Mario Draghi, president of the European Central Bank (ECB). He said in July 2012: 'Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.' While this statement caused a flurry, it would obviously not have been sufficient by itself, after three years in which Europe's authorities had failed to convince the financial markets that the measures they were taking would, indeed, be enough. But two months later, Draghi revealed that the ECB would underpin the debt of any country that undertook satisfactory reform measures, by buying its bonds. The comfort to the markets provided by this guarantee meant that the ECB did not, in fact, have to make any such purchases, because the market interest rates of Spanish and Italian debt fell to such an extent that the need for them to negotiate financial rescues, conditional on economic reforms, receded. Adapted from the source document.