Searching for the lender of last resort

The benighted Eurozone. Hardly any region of the world has had a worse press in the last five years than the community of 19 European countries that share a common currency, the euro. Judging by the tone of the global debate, the Eurozone must be a uniquely dysfunctional place, run by policymakers “who just don’t get it”. Yes, the Euro crisis was dangerous and very much for real. But much of the global debate missed the key points. We did not witness the inevitable demise of a misguided venture, the common currency, as many observers seemed to believe. Instead, we may be witnessing the birth pains of a stronger, more dynamic and more coherent economic and political entity in Europe.