At the time, the Global Financial Crisis morphed into a sovereign debt crisis in Europe affecting Spain, Portugal, Ireland and, above all, Greece. Contagion was spreading to Italy and even France. Many thought the days of the euro were numbered. Nonetheless, it survived. While the economic situation in the euro area has improved significantly over the past 7 years, we now experience a new bout of European financial turmoil following the formation of a Eurosceptic governing coalition in Italy. How is Europe doing in 2018? What are the implications of the recent events in Italy? Is Europe on the verge of another crisis? Is it equipped to deal with it?