As the markets get over their two-day long little blip of hope at Draghi's announcement and look for the meat, the focus will return to Greece. Unusually the Guardian has secured a column today from a relatively sane correspondent (the Blessed Simon Jenkins excluded, of course) in Costas Lapavistas.
Banks are at the epicentre of the eurozone crisis, not states. The solution would have been to shut down bad banks and create healthy ones across Europe. But this would have meant German and French taxpayers bearing the costs of restructuring Italian and Spanish banks: an impossibility. Thus, national banking systems have been allowed to drift closer to their own nation states during the past three years: banks have relied on their own states to be rescued, and states have relied on their own banks to borrow. The result has been the fragmentation of eurozone banking, producing enormous divergences in interest rates among member countries. The monetary union is collapsing from within.But Costas makes the fundamental error so often exposed by Richard North in supposing that the EU's leaders are struggling to find economic solutions to what is in essence a political crisis; as is becoming clear, the economic measures are just a sop to the markets to keep things ticking along whilst they ratchet up political union to the next stage.
So when Greece (to her eventual benefit) is pushed out of the euro-balloon her citizens can rest assured they have been sacrificed for the greater good of a core European State. One may excuse them for resenting that everyone's been pretending that their fundamental economic strength is greater than it was in the 1970s.