Broadly speaking, there are two ways of viewing the eurozone crisis: it’s a problem of economics or a problem of politics. Neither explanation quite suffices, of course, since it is both but the emphasis you place on economics vs politics plays a part in how you’ll view the situation and how likely you are to think there’s any kind of solution that can satisfy the politics and the economics of the situation.
Which is by way of suggesting that plenty of American commentators seem to think the problem is easy to solve and the main thing lacking in europe is the political will to do something about it. (Exhibit A: James Surowiecki of the New Yorker). This, I must say, reminds me of the complaint, oft-heard from partisans on all sides, that the problem with the Iraq War or the Israeli-Palestinian “peace process” is a Willpower Deficit. Really?
But, hark, here’s my old chum Ezra
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