Spain, Italy, France and Greece are all dragging because they can't devalue their currencies to offset too much public sector spending. Cyprus already has a euro that differs from the rest of Europe (i.e., you can't spend it freely), Slovenia is probably next in terms of needing a bailout, and the common currency is causing nothing but common misery.

However, I think Europe has gotten too complicated. The sentiment that it needs to go back to being nothing more than a trading union is the right one. Otherwise, it ties the hands of local politicans who know better how to help their constituents with idiotic regulations promulgated by half-educated "technocrats" in Brussels.