The European Union hit one of the deepest crises of its 50-year history when French voters rejected the economic community's first constitution last May. France's rejection of a union it had long championed shocked international observers and precipitated the plummeting value of the euro.

Since the EU constitution requires approval by all member nations, it is dead until further revision. But the recent rejection of the constitution might not be the earth-shattering event some pundits claim it to be. The lack of a new constitution means the continuation of the status quo. It means that the EU will continue to lack a strong executive and a single voice for foreign policy.

Despite France's veto of a united Europe, the economic relationship between the European Union and the United States remains a vital feature of the global economy. This relationship is often underappreciated with respect to its impact on growth, jobs, and innovation, but the tie between the US and Europe creates the single most important driver of global economic prosperity. So even if Europe can't agree to a common constitution, the enormous two-way benefits of its partnership with the US will continue to fuel the global economy.