If the ECB is largely powerless with today's crisis, while the economy requires a spending boost... of the coordinated and large scale kind, is this best to be done by individual governments? Isn't there an argument here for some degree of institutional eurozone economic governance?
However, for all the reasons we all know about, it's not an easy political project. And I wouldn't want to make plans to combat the incoming potential-depression contingent on solving the political problem of European governance.
Thus, for now I think we have to work through agreements between the individual governments...
