No, I think that the whole world has been going through and economic crises, so that all of the countries that had all of the power still have it. I think that Europe still has a lot of the most powerful nations that are in the world as it is.
This argument sort of answers itself in a weird way. In present day, nearly every continent/country is currently in debt. Some places are even worse off than Europe. Therefore, Europe still matters. It's not the worst place out there financially speaking, and it still contributes its fair share to the world market.
This argument sounds like Socialism, but the fact is, the numbers don't lie. The public debt to GDP ratio for Europe is generally around 80 to 90%. The higher the percentage, the worse the situation. The US is at about 77%, Japan is at a staggering 221%, and all the other countries are generally within the 20-80% range. In other words, everyone has debt. Rather, almost everyone. Saudi Arabia has a public debt to GDP ratio of just 11%, the lowest of all the notable countries in the world. Some say this country doesn't count towards the previous argument that most countries are suffering. One can loosely say that Saudi Arabia is the cause of all the other countries' debts and economic woes, namely due to September 11 on the US World Trade Center, and the on-going War on Terror carried out by the US and its allies.
So in conclusion, Europe still matters because Europe still ethically contributes to the world economy just as much as any other ethical continent/country. As long as most other places remain ethical, Europe still does its part to make the world-go-round, so to speak.
Regardless of the debt crisis that has gripped many nations in Europe for the past several years Europe has and will continue to be a major economic player in the global finance system, I think more caution will be heeded when investing globally in certain European countries but as a whole Europe remains a powerful economic player.
The European Union, as a single unit, is the largest economy in the world. True, the power of the Euro as a currency has definitely had its foundational arguments shaken in the past 5 years - but that does not negate the buying power of consumers inside the European Union. Accordingly it would be foolish to say that Europe is less important.
Europe and the EU play an important role in the world economy. As a matter of fact the stock market in America is greatly affected by Greece and other countries as their financial situation gets worse. The shock of it all causes massive problems in all markets. The crisis is affecting all nations and hopefully better times are ahead.