Europe Solving Wrong Crisis

So you think the crisis is over? Some of Europe’s political leaders have always framed the eurozone’s year-long upheaval as an attack by Anglo-Saxon speculators. If that is your view, you can relax. The speculators are moving in the opposite direction. The markets have calmed down. The crisis is over by definition.

That is, of course, intellectually lazy. Equally lazy is the attempt to frame it purely as a fiscal crisis. It was only ever a straightforward fiscal crisis in Greece. Nowhere else. Fiscal regime change is thus logically no solution.