His policies have sometimes been inconsistent and irresolute. But in his refusal to give in to panic and act rashly, he has been far braver than all the big talkers who accuse him of being a wimp.

For the first time in its history, the very continuance of the European project is at stake. And yet the behavior of the EU and its most important member states has been irresolute and dithering, owing to national egotism and a breathtaking absence of leadership.