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'The crisis of the euro is over. Crisis in the euro is strong.' Thus a senior French politician. A looming collapse in Cyprus, which eurozone leaders will discuss after the European Union summit dinner in Brussels tomorrow, may yet prove him wrong in a matter of days. My hunch, though, is that he is probably right, at least for a year or two. Germany and the European Central Bank have done just enough to convince the markets that the eurozone will survive, for now. But many eurozone economies remain on the critical list. Some have made heroic efforts, with results already visible. In Spain, for instance, unit labour costs are already down and exports are at a 30-year high. The pain has been immense, with 50% youth unemployment and house prices falling between 30% and 40%, but somehow...