When the cold war ended 25 years ago, Europe emerged as prosperous, democratic, united and peaceful. Today, however, it faces interlocking crises that threaten to undermine the continent’s economy and weaken the EU.

This has significant implications for the US and for its next president. Europe remains America’s largest trade partner and investor, and 25 European nations are members of Nato, its most important military alliance. As a global power, the US must interact with every major region of the world. But for all the undeniable importance of the so-called pivot to Asia, the next US president may have to focus first on Europe.

Americans in both parties worry about a weaker, more divided EU. When Britain leaves, the bloc will lose its second-largest economy and its strongest military. Combined with a recurring Greek debt crisis and declining public support for “ever-closer union”, the European project appears adrift.