Naked Capitalism has the article Bengt-Ake Lundvall: The Portuguese Manifesto Sends a Message to Europe’s Elite That Austerity Has Failed and “Project Europe” Must be Rethought.  I’ll leave you with the final words of the article.

Q: That means that a debt restructuring operation in Portugal is not sufficient, you need a Euro-wide initiative?

A: As I said in the beginning a debt restructuring could result in a shake-up of the current economic and political order. But what is needed is a radical rethinking of the relationships between economic integration on the one hand and political and social integration on the other hand. We would need European leaders who were honest on the fact that economic integration without political and social integration leads to growing inequality and to instability. One important signal could be to call for a time-out for economic integration while Europe starts to establish some elements of a common fiscal and social investment policy. It could begin with modest measures related to minimum income and unemployment support. European-wide programs aiming at upgrading the skills of the low skilled, labor market flexicurity and modern open education systems would send signals to all Europeans that Europe from now on would build it competitiveness on competence and not on low wages. Green investment plans would show that Europe takes into account also the survival of the coming generation.

Q: Is it politically feasible in the present European context?

A: As I see it, what appears to be feasible now brings us closer to the end of the European project. Therefore the only possible strategy is to ask for what seems to be out of reach. We know that history offers us surprises from time to time. Let us hope for a positive surprise.

Maybe there are some good ideas here for fixing what ails us in the U.S.

Here, I have saved you the trouble of looking up flexicurity.