The Euro-Plus Pact, the public debt brakes, and the focus on "competitiveness" and "reform" continue to ignore private debt and the complementary nature of internal eurozone deficits and surpluses. For this policy to succeed, all countries must become net exporters, a requirement as manifestly absurd as requiring all children to be above average.

Brilliant. The piece is concise and readable, and makes sense to this reader unable to formulate or understand macro-economic policy.  I don't like numbers about money (because i'm no professional) but this takes the discussion back to level of policies, strongly.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin