Little more than a year after the passage of the Lisbon Treaty, the E.U. faces a much dimmer future, writes Doug Bandow, Senior Fellow at the Cato Institute and a regular contributor to the Advisor. The EU’s objective of becoming the globe’s third “Weltmacht,” alongside America and China, looks ever more like a fantasy, Bandow argues, especially as the financial crisis threatens European unity. This essay originally appeared in the author’s blog on Forbes online on February 7, 2011.