That is not the problem. The problem is that the Euro-area has not countercyclical stabilizers: In USA, if some states have problems, the federal government

That is not the problem. The problem is that the Euro-area has not countercyclical stabilizers: In USA, if some states have problems, the federal government will compensate the fall in spending. In the Euro-area, if a state have problems, not only it's not going to receive surplus from other countries but the troika is going to made it to kill internal demand. So the Euro-area has procyclical automatisms.. What is totally crazy.