You can not understand Europe if you do not understand its organisational complexities. The structure of contemporary Europe is unlike anything before and can not be analysed through 'traditional' models.
This is the Special Pleading Fallacy writ large. Models do not magically become more reflective of reality merely because they are more complex. The best models simplify the situation to the highest useful degree. The simple but unpleasant truth is that the only free lunch in the universe is increased efficiency and that is rarely aided by adding complexity. Complexity far more often is a way for bad actors to hide their parasitic behavior, and Europe has no shortage of bad actors.
There is no painless way to put your capital structure on a sound footing. People have to go bankrupt. People have to lose their jobs. It's the only way capital is transferred from bad mangers to good managers. That's why it's called a "correction" and if you postpone it, all you do is increase its intensity.
You did not understand what I said. Europe is not complex because it likes to add complexity. Europe is complex because of how it came to be (and is still forming). If you do not understand these complexities, you will not understand European politics nor our economic policies. It is not a special pleading fallacy when it is the reality. You judge Europe as if it's a singular behemothic superstate. It is not. You do not understand Europe. Your predictions of our imminent political demise confirm this. At the very least you should get a basic understanding of
multi-speed Europe. The European Union and the Eurozone are but two layers of what is a complex network of treaties, not a state. Throwing someone out of the Eurozone or indeed the Union (or them leaving it) is not as straightforward as you present it. We wouldn't even know where to start. The below diagram is a vastly simplified representation of this (and already outdated too).
http://upload.wikimedia.org/wikipedia/commons/2/2a/Supranational_European_Bodies_with_NATO_members-en.svgI know a lot of people like to think of the EU as a vast state with memberstates who can come and go as they like. That's not an accurate portrayal. Not even remotely. It might be a federal, integrated superstate in half a century, but it isn't now. It does not even have a constitution to act as a base layer for government. That attempt failed.
