Finanz und Wirtschaft, September 8, 2012. PDF. Ökonomenstimme, September 10, 2012. HTML.

• Policy makers confuse debt and financial crises with a currency crisis.
• Different crises call for different policy responses. Many of those lie in the national policy domain, not the supra national one.
• Shifting too much policy responsibility, too quickly to the European level sows the seeds of new problems.