See also the excellent article of Paul Krugman on the diagnosis about the causes of the Eurozone crises:
- Is the cirisis because of excessive welfare state spending? NO
- Is the crisis because excessive budget deficits ? NO
- Is he crisis because of excessive balance of payments imbalances ? YES
The difference is that in a customs and monetary union, a "balance of payments problem" is a catastrophy. Two false diagnosis don't make a right, they make for remedies that kill the patiente.
Krugman on European Crisis Realities: http://krugman.blogs.nytimes.com/2012/02/25/european-crisis-realities/