Germany has failed to grasp the historical dimension of the European crisis, warn economist Nouriel Roubini in an Financial Times oped with British historian Niall Ferguson "Berlin is ignoring the lessons of the 1930s". On the urgent need of an EZ banking union "The more a disorderly Greek withdrawal from monetary union seems probable, the more the pressure on Spanish banks will increase. This could unleash a bank-run so serious that it could overwhelm the European Central Bank. A major re-nationalisation of the banking system has already begun in Europe. This process could lead the Union toward towards total disintegration."
"For that, growth must be stimulated in the eurozone and an excessive austerity policy abandoned. The ECB must ease its monetary policy, the euro must weaken and fiscal incentives must be established. We need infrastructure programmes and salary hikes in key countries to stimulate consumption." - via presseurop.eu