Entering Stage Three for the Euro Crisis?

BERKELEY â?? The first two components of the euro crisis â?? a banking crisis that resulted from excessive leverage in both the public and private sectors, followed by a sharp fall in confidence in eurozone governments â?? have been addressed successfully, or at least partly so. But that leaves the third, longest-term, and most dangerous factor underlying the crisis: the structural imbalance between the eurozoneâ??s north and south.