Interesting article. In the end, it makes the case for tighter fiscal and economic integration of Europe and the Eurozone in particular. I hope we'll see Germany adopt this view and push it in the coming months.
Investors Chronicle - Europe's problem, Germany's choice
http://www.investorschronicle.co.uk/2012/06/01/comment/chris-dillow/europe-s-problem-germany-s-choice-unMKa7caMrTwS3zvIITh6J/article.html
Is everybody misdiagnosing the euro area’s crisis? Jorg Bibow of the Levy Economics Institute in New York thinks so. He says the region’s problem is not sovereign debt at all, but rather an internal balance of payments crisis.