Europe: Much Too Responsible (self-indulgent)
But European austerity also reflected willful misdiagnosis of the situation. In Europe as in America, the excesses that led to crisis overwhelmingly involved private rather than public debt, with Greece very much an outlier. But officials in Berlin and Brussels chose to ignore the evidence in favor of a narrative that placed all the blame on budget deficits ..
.. Indeed, Mr. Draghi’s heroic efforts to provide liquidity to nations facing speculative attack almost surely saved the euro from collapse.