It's often said that "art imitates life." Sometimes, so, too, does sport. In watching the 2008 European football championships, Macro Man has been struck how each of the four semifinalists in some way represent the future of Europe in a way that, for example, the host nations (Austria and Switzerland) never could. Consider the impact of the following four countries:

1) Germany. It's fitting that Germany's made the semifinals, as they have been, are, and will continue to be the most important country in the European Union. For the past several years, ECB monetary policy has been made for the primary benefit of the German economy; it's almost been like having the Bundesbank back again. Waiting for an ECB rate cut? When the German economy shows definitive signs of rolling over, you'll finally get one.

2) Russia. If Germany is the most important nation in the European Union, Russia may well be the most important country in the European continent. In a resource-hungry world, Russia's been blessed with an abundance of fuels and minerals that give it significant economic leverage. And Czar Vladimir I of the Chekist Empire is, by all accounts, not afraid to use this leverage. Much like their erstwhile Communist colleagues in China, the Russians have burst upon the global economy in the past half-decade in a less than subtle fashion. And while they've been happy to participate in organized multilateral events such as these Championships, in the economic sphere they've been mostly unilateral. How they choose to deploy their energy resources and manage their currency piss-taking could be vital to the European economy (and, potentially, security) in the coming years.

3. Turkey. Turkey represents a choice facing the European Union.