It takes a crisis to make the politically impossible possible.
Under the pressure of a financial crisis, the authorities take whatever steps are necessary to hold the system together, but they only do the minimum and that is soon perceived by the financial markets as inadequate.
That is how one crisis leads to another.
So Europe is condemned to a seemingly unending series of crises.
Measures that would have worked if they had they been adopted earlier turn out to be inadequate by the time they become politically possible.
This is the key to understanding the euro crisis.
Image: French President Nicolas Sarkozy seen welcoming German Chancellor Angela Merkel to the Elysee Palace in Paris in this file photo for talks on the eurozone’s economic problems.