Europe is turning back to national identity – and it's exhilarating | Simon Jenkins

The European debt crisis is a reformation moment – the EU has overreached its power and now faces a crisis of legitimacy

Perhaps I was wrong, after all. I thought Europe's governments would spend any amount of money and impose any amount of austerity to rescue any number of banks from their recklessness and folly. All banks were too big to fail. No debt was too big to bail. Europe was in the grip of a classic banker's ramp.

Yet Greece's bluffing of the high priests of the eurozone may, after a...