With the cost of borrowing in Spain and Italy rising to new highs today, Europe’s leaders are resolutely focused on the irrelevant. The EU Summit planned for Thursday will focus on problems in Greece; Italy and Spain aren’t on the agenda.European fecklessness has been a major factor in this crisis: too little, too late could be Europe’s motto — and could end up as the inscription on the EU’s tomb. What Europe faces is a global challenge: events increasingly move at rates our institutions can’t handle.What ever happens with the euro problem, the deeper challenge remains. Events are speeding up, not slowing down — and not just in Europe. This is a challenge the whole world must learn to meet.