They were tall, elegant, famous, beautiful and affluent. It was a fairy-tale marriage deemed to last forever …. until the gales of crisis struck and deep cracks were exposed. In 2002 and in the run-up to the introduction of the Euro most commentators and policy makers imagined that peace, stability and growth were here to stay. Governments in Europe and across the Western economies thought they could regulate the business cycle through a prudent mix of fiscal and monetary policy allied to that most ambiguous of terms ‘structural reform’ (read flexibility downwards and outwards of labour and social conditions and terms). In Euroland, Member States, by giving up their own currencies, would adhere to the discipline and rules of a single market and currency union. Security, progress and ease of transfer and commerce were seen as the fruits of this marriage. Then the crisis of 2008 came and the world changed. The full implications of the crisis for the Eurozone did not become apparent until, in 2010, a series of disastrous decisions were made by member states and the European Central Bank in relation to the cutting off of a fiscal stimulus prematurely and driving Greece further into debt unsustainability and a spiral of fiscal austerity.