Harold James is a Princeton professor and historian of globalisation - his piece for Bloomberg bears close reading.
History Blinds Europe to a Germany Worth Emulating: Harold James - Bloomberg
Probably the most interesting aspect is that none of the European nation-states' problems can be divorced from their prevailing cultures, be it the Teutonic work ethic or the Latin penchant for denying problems and thereby delaying doing anything about them. This all said, given Europe's terrible demographic problems, perhaps currency woes are the least of the old world's problems:
http://www.businessinsider.com/here-are-the-15-demographic-dogs-that-are-going-the-way-of-greece-2010-3
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