The Eurozone is not suffering from an economic crisis, but a crisis of national politics

The problem with the view from the core countries is, again, not so much what it says, but what remains untold. As in the case of GIIPS countries, core countries do not show their populations what they do when they wear their European hat and, therefore, do not assume responsibility for their joint actions with GIIPS at the EU level. There is no discussion in the core Eurozone countries, for instance, over whether GIIPS countries were encouraged to spend excessively by a faulty design of the single currency, which was jointly decided by all member states, with core countries’ acquiescence. The decision to only frame moral hazard as a fundamental problem in 2010, after ten full years of collective free-riding over EMU rules, was a political one, driven by domestic, not European, interests.

http://blogs.lse.ac.uk/europpblog/2013/11/20/the-eurozone-is-not-suffering-from-an-economic-crisis-but-a-crisis-of-national-politics/