FORTUNE — There is so much turmoil in Europe right now, it's hard to know where to focus.


Dominique Moisi, senior adviser at IFRI, the French Institute for International Relations.

French President Nicolas Sarkozy during a UMP presidential support meeting in Marseille, France on Feb. 19, 2012.  (Patrick Aventurier/Getty Images)



Ford's loss in Europe brings into relief concerns voiced at this month's Detroit motor show, where the debt crisis cast a shadow over an industry rebounding from recession.  (Photo: ANDREW ENGLISH)

Unicredit is raising capital for the third time since the 2008 banking crisis.  (Photograph: Thierry Roge/Reuters)

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