Price stability conditions needed for entry to the euro were not met by Estonia unless some extreme manipulations are practiced.
Central Banks as a lender of last resort only can be effective in a liquidity crisis. We now have solvency issues and the ECB is on a questionable course.
Resolution of the stress in the Euro zone seems to require currency devaluation, deflation or a combination of the two. None of the solutions is pretty. And none will be quick.
There are variations in satisfaction with democracy in the financial crisis. The spectre of the hard shifts both left and right during the Great Depression is haunting. So far there is much less extreme shifts than in the earlier era.
Those with a trade balance surplus want to solve imbalances by deflating economies with a trade deficit. German Minister of Finance, Wolfgang Schäuble, argues for this while Dierk Ehnts explains why that is destructive to the global economy.