 Well, the first thing to get right about Europe is to identify the crisis properly and what we have had the European leaders focus upon is the sovereign debt crisis. This began and always will be a private debt crisis. The rise in sovereign debt has occurred because private debt creation has gone from positive to negative and declining debt. That's caused the dramatic drop in aggregate demand, which sovereign debt rose almost mechanically to fill and then also in policy effects. Then focusing on reducing the sovereign debt is actually removing a cash flow from the economy when the private sector is already removing cash flow by deleveraging, and that's austerity will therefore make the situation worse. What we have to do is address the actual cause and that's both the level of private debt and the fact that it's now plunging. We don't want to have private debt rising again from the level that's at. We have to reduce debt because the level of private debt that was created far exceeded what was required for the sensible functioning of the economy and mainly finance Ponzi schemes in housing and in share prices, which gave us apparent prosperity until the crash that started to happen in 2005 to 2007. Europe should be focusing on means to reduce the level of private debt and the Maastricht Treaty, which was a near classical fast from the beginning, should be abolished and rewritten. Most likely, given the political stalemats in Europe, what we're going to see instead is a slow collapse of the Maastricht Treaty as countries pull out of it. Certainly that is better than staying in the treaty as it stands. You need to have a European Central Bank, which actually is a central bank, and funds the activities of its nation, rather than simply funding the activities of its parliament, which is all the actual European Central Bank is required to do. It's an enormous reversal, but focusing upon sovereign debt is focusing upon the symptom rather than the cause.