"At the root of the euro upheaval is a balance of payment crisis caused by the cumulative effects of a 13-year-old one-size-fits-all monetary policy and a fixed exchange rate for a collection of disparate countries in very different stages of economic and structural development, " he argues.

WSJ: Fiction of the EU Summit's Accepted 'Facts'

With unemployment falling to a five year-low - below four million - and some economists predicting a growth rate of 2.8% this year, the rosy economic outlook is a positive development.

BBC: NEWS | Europe | Merkel in lead role on G8 stage

There is a high mortality rate -- with an average life span of only 47 -- minimal infrastructure and limited tools for economic development.

CNN: Commentary: A week with the heroes