Introduction. "Unprecedented freedom from cyclical instability" -- Variations on a theme : Iceland, Greece, and Ireland's road toward the crisis -- The fall of 2008 : from the financial crisis to the crisis of the euro -- The economic causes : contemporary European capitalism. The financialized, deregulated market system in the globalized world economy and partially integrated Europe -- The social causes : living beyond our means -- Which way Europe? Managing the economic crisis and the way out