The political will to create a common European treasury was absent in the first place; and since the time when the euro was created the political cohesion of the European Union has greatly deteriorated.
As a result there is no clearly visible solution to the euro crisis.
In its absence, the authorities have been trying to buy time.
In an ordinary financial crisis this tactic works: with the passage of time the panic subsides and confidence returns.
But in this case, time has been working against the authorities.
Since the political will is missing, the problems continue to grow larger while the politics are also becoming more poisonous.
Image: Euro coins seen in Frankfurt, Germany.