Tim Worstall comes out and calls a “spade a spade” in “Europe Doesn’t Have A Debt Crisis, Europe Has A Monetary Crisis”:
The stock markets plunge over concerns about the eurozone; there’s a flight from lower quality sovereign bonds; Greek, Spanish and other periphery bond yields spike. It looks like the eurozone debt crisis is back. But this time around we really should get to grips with the fact that what we’ve got here is really not a debt crisis. Sure, that’s the proximate problem, the one that is most obvious and in our faces. But the root problem, the ultimate cause, has nothing at all to do with either debt or fiscal policy: It’s monetary policy that is at error here. And yes, it is indeed all the fault of the ECB and the fools that designed Europe’s current monetary structure.
Market Monetarists have known that for a long time. And as this post shows, the analysis is also relevant for the US, albeit with different implications:
Same monetary view of the crisis but very different implications. Why? Because of the dysfunctional political and structural nature of the EZ currency union compared to the US´s own.
HT David Levey
Historinhas 
Watching the ECB can provoke depression. Not only are people going jobless, but political extremism is being fueled—all for no reason. I doubt that even a robust economy would generate that much inflation.