What has Europe accomplished that other parts of the world could not? Which aspects of its economic model are unsustainable? Which changes are needed now, and which can wait? These are the questions that this paper asks. The short answers: Europe has achieved economic growth and convergence that is unprecedented. Most countries in Europe are doing well in trade and finance, many in enterprise and innovation, but far fewer are doing well in labor and government. So Europe needs many changes to make its governments and labor markets work better, fewer to foster innovation and productivity growth in enterprises, and fewer still to reform finance and trade. These deficiencies are rooted in how some activities are organized and they will need to be reorganized. Stalled productivity, declining populations, and growing fiscal imbalances have made some changes urgent. But in addressing these shortcomings, Europeans should not forget the successes of their growth model. By fostering a regional economic integration unique in both depth and scope, Europe has become a “convergence machine.” By engineering an entrepreneurial dynamism in the countries that balanced market forces and social responsibility, it has made “brand Europe” globally valued. And by allowing a balance between life and work, it made Europe the world's “lifestyle superpower.” Europeans now have to do three progressively tougher tasks: restart the convergence machine, rebuild Europe’s global brand, and recalibrate the balance between work and leisure to make their lifestyles affordable.