Over the past three years the EU has shown a remarkable facility for turning problems into crises and crises into catastrophes. Last summer it seemed that a new leaf had been turned. Mario Draghi, the European Central Bank president, pledged to do “whatever it takes” to stabilise the euro, and the fairly rapid agreement to establish a banking union seemed to be another positive step forward.
But it now seems this dawn was false. The Cyprus crisis has caused the rock to roll back down the hill. Like Sisyphus, the eurozone’s policymakers must now begin pushing it back up.