If the state of American financial reform is unfinished and courting the next crisis, the view from Europe is even worse. Europe is bifurcating into chronic creditors and chronic debtors.
The non elected decisional centre of E U believes that inflation is either the real threat or the very instrument to get growth. It is a fake policy and European citizens should demand some form of democratic control over nor elected public figures.
It would be preferable either a clear statement that euro countries do not allow a default of a member country , or an immediate debt restructuring, while the EU policy of “buying time” gives room to speculative attacks.
The policy and the institutional options taken by core and peripheral European countries do not appear as the result of too haste political decisions or ill institutional design, but as deliberate choices, method in the madness