The economic crisis of the EU in 2007-9 needs to be seen against the backdrop of Europe as a civilisational entity. It has withstood the challenges of hundreds of years, including religious conflicts, revolutions, fascist takeovers, depression-level economic downturns and transnational wars. During the same time it created unique sociocultural, political, economic and legal innovations that have put Europe in a position of high standing that can hardly be imagined outside Europe prior to the 20th century. Foremost among those innovations is the legal revolution of the European Middle Ages that laid the institutional foundations for new structures such as universities, cities and towns, charitable organizations, private and professional corporations, constitutionalism and parliamentary democracy. These same institutional structures paved the way for the rise of a public sphere, a free press, the scientific revolution, and later the economic revolution of modern capitalism.