Prescribing the curative medicine is the task of the leaders of the members of the eurozone. But saving the euro requires them to contemplate a much greater degree of economic convergence than has been deemed acceptable before. And as we know from the American debt debacle, even in times of crisis, politicians are not good at making such sensitive decisions.
Still, the American bickering did do the Europeans a favour in a sense, providing a hugely useful distraction during the week or so following the deal agreed for the second bailout of Greece. Europe's leaders at least got a few days to gather their thoughts – but just look at how the markets' focus turned back towards the eurozone the moment a US deal was agreed.
So the European politicians had the opportunity to gather their thoughts? Did they gather them? No, they all went off on holiday ...
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