WW1 was wierd, it was kind of all started by a Documental Domino effect. Kind of like a car crash in slow motion, everyone could see that this was going to end in a completely avoidable mess, but no-one knew how to put on the brakes.
Just like the current self-destruction that Europe is steadfasting into...
Actually, it's quite the opposite, the first depressions were part of the fuel for a war that cost millions of lives, this time round, Europe has fallen back into the 'married couple' relationship of pointing fingers and complaining. Whilst far from perfect, it's a safer solution than we came up with last time. I'll agree to a certain degree that this should have been seen coming, but then, it
is a global depression, it's far more than Europe involved. It's possible the EU won't come out of this the same shape, I'll agree, but I don't see the cataclysmic chain reaction of events happening that led to a world war this time round, the solution is assumed to be Systemic, not Imperial.