The euro, many now believe, will not survive a failed political class in Greece or escalating levels of unemployment in Spain:just wait another few months, they say, the European Union’s irresistible collapse has started.

Dark prophecies are often wrong, butthey may also become self-fulfilling. Let’sbe honest: playing Cassandra nowadays is notonly tempting in a media world where “good news is no news”; it actually seems morejustified than ever. For the EU, the situation has never appeared more serious.

It is precisely at this critical moment that it is essential to re-injecthope and, above all, common sense into the equation.So here are ten good reasons to believe in Europe– ten rational arguments to convince pessimistic analysts, and worriedinvestors alike, that it is highly premature to bury the euro and the EUaltogether.

The first reason for hope is that statesmanshipis returning to Europe, even if in homeopathic doses. It is too early to predict theimpact of François Hollande’s election as President of France. But, in Italy,one man, Mario Monti, is already making a difference.

Of course, no one elected Monti, and his position is fragile and already contested,but there is a positive near-consensus that has allowed him to launch long-overdue structural reforms. It is too early to sayhow long this consensus will last, and what changes it will bring. But Italy,a country that under Silvio’s Berlusconi’s cavalierrule was a source of despair, has turned into a source of real, if fragile, optimism.

A second reason to believe in Europe isthat with statesmanship comes progress in governance. Monti and Hollande haveboth appointed women to key ministerialpositions. Marginalized for so long, womenbring an appetite for success that will benefit Europe.

Third, European public opinion has, at last, fully comprehended the gravity of the crisis. Nothing could be further from the truth than the claim that Europe andEuropeans, with the possible exception of the Greeks, are in denial.Without lucidity born of despair, Montiwould never have come to power in Italy.

In France, too, citizens have no illusions. Their vote for Hollande was avote against Sarkozy, not against austerity. They are convinced, according torecently published public-opinion polls, that their new president will not keepsome of his “untenable promises,” and theyseem to accept this as inevitable.

The fourth reason for hope is linked to Europe’screativity. Europe is not condemned to be amuseum of its own past. Tourism is important, of course, and from thatstandpoint Europe’s diversity is a uniquesource of attractiveness. But this diversity is also a source of inventiveness.From German cars to French luxury goods, European industrial competitivenessshould not be underestimated.

The moment when Europe truly believes in itself, the way Germany does, and combinesstrategic long-term planning with well allocated R&D investments, will makeall the difference. Indeed, in certain key fields, Europepossesses a globally recognized tradition of excellence linked to a very deepculture of quality.

The fifth source of optimism is slightly paradoxical. Nationalist excesseshave tended to lead Europe to catastrophicwars. But the return of nationalist sentiment within Europe today creates asense of emulation and competition, whichproved instrumental in the rise of Asiayesterday. Koreans, Chinese, and Taiwanese wanted to do as well as Japan.In the same way, the moment will soon come when the French want to do as wellas Germany.

The sixth reason is linked to the very nature of Europe’spolitical system. Churchill’s famous adagethat democracy is the worst political system, with the exception of all theothers, has been borne out across thecontinent. More than 80% of French citizens voted in the presidential election.Watching on their televisions the solemn,dignified, peaceful, and transparent transfer of power from the president theyhad defeated to the president they had elected, French citizens could only feelgood about themselves and privileged to live in a democratic state. Europeansmay be confused, inefficient, and slow to take decisions, but democracy stillconstitutes a wall of stability against economic and other uncertainties.

The seventh reason to believe in Europeis linked to the universalism of its messageand languages. Few people dream of becoming Chinese, or of learning its variouslanguages other than Mandarin. By contrast,English, Spanish, French, and, increasingly, German transcendnational boundaries.

Beyond universalism comes the eighth factor supporting the EU’s survival:multiculturalism. It is a disputed model, but multiculturalismis more a source of strength than of weakness. The continent’s fusion of culture makes its people richer ratherthan poorer.

The ninth reason for hope stems from the EU’s new and upcoming members. Poland, a country that belongs to “New Europe,”is repaying the EU with a legitimacy that ithad gained from Europe during itspost-communist transition. And the entrance of Croatia,followed by Montenegro and afew other Balkan countries, could compensate for the departure of Greece(should it come to that for the Greeks).

Finally, and most important, Europe andthe world have no better alternative. The Greek crisis may be forcing Europe tomove towards greater integration, with or without Greece. The German philosopherJürgen Habermas speaks of a “transformationalreality” – a complex word for a simple reality:divided we fall, whereas united, in our own complex manner, we may strive for“greatness” in the best sense.

Investors, of course, are hedging theirbets. Having ventured successfully into emerging non-democratic countries whose frailty they are starting to fear, some, out ofprudence, are starting to rediscover Europe.They may well be the wise ones.