Euro-pessimism has taken (yet) another steep rise over the past few days: this week's Economist magazine asks whether this is the end for the euro; in the FT Gavyn Davies outlines some possible post-crisis scenarios; and the Wall Street Journal ponders some of the possible implications of 'eurogeddon'.
What's striking about this is that the degree of policy failure implied here is of truly epic proportions. After all, if just leaving the euro would prompt the 'mother of all financial crises' in the exiting country, consider the calamity that a full-scale collapse risks triggering.
Of course, if history is to repeat itself, then now is the time to start thinking about what the next phase of European currency cooperation might look like: and indeed Paris and Berlin are reportedly setting out their ideas. But after this latest debacle, will Europe's voters once again let their leaders play double or quits with the region's currency arrangements?
