There is no way that the fundamental idea of the European socialist nanny state could have any flaws (at least that is what Krugman thinks) -- therefore, there must be a scapegoat other than promising people safety from cradle to grave and taxing them like there is no tomorrow, especially if they ever make more money than some fixed percentage of the average. Oh, thank goodness, there IS a scapegoat! Iis "the arrogance of the elites"! Wow, what a relief, I can't think of any of those over here, and I'm sure that neither Paul nor BO could either! This must be the first time in world history that "the elites" got out of hand.
No, the real story behind the euromess lies not in the profligacy of politicians but in the arrogance of elites — specifically, the policy elites who pushed Europe into adopting a single currency well before the continent was ready for such an experiment.