What has been painted as a battle between the virtuous, hardworking north and the lazy, feckless south should instead be depicted as a banking crisis. This is the crucial point made in a new paper published by Manchester's centre for research on socio-cultural change. Called Deep Stall, it compares the eurozone collapse with a plane crash and finds one big difference: whereas everyone in the aviation industry – from passengers to planemakers to airlines – has a vested interest in keeping planes up in the air, the banks have no such commitment to keeping the rest of the financial system afloat as long as they get paid out.The implication is clear: rather than devote efforts to ruining the lives of southern Europeans, a far more effective way to deal with the continent's crisis would be to restructure the banks, then rein them in for good.
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