When the Berlin Wall fell in 1989 and the Eastern Bloc disintegrated, the coordinates of world politics shifted. However, the consequences were most palpable for Europe. Andreas Wirsching draws initial historical lines into the history of our present and provides an important contribution to understanding current developments. Over the past twenty years, Europe has experienced a tremendous increase in freedom, politically, socially, and economically. In a way, the current crisis presents the bill for this development. The democratic transformation of Eastern Bloc countries has its price, just like the introduction of the Euro, which enabled an unprecedented freedom in the movement of goods, services, and capital. The deregulation of financial markets incurs follow-up costs that are proving to be expensive for the continent. And the world power.