As some heterodox economists predicted[1], the Euro did/does not have the institutional structure in place to withstand a crisis. Since there is no fiscal auth

As some heterodox economists predicted[1], the Euro did/does not have the institutional structure in place to withstand a crisis. Since there is no fiscal authority to implement systemic pro-growth counter-cyclical policy, the knee jerk response of the bankers whom make EU economic policy is austerity and the bone crushing scorched earth deflation that results.