The eurozone crisis was halted because of the enormous investment of political capital made by Europe’s governments. It was halted by the construction of a new apparatus of government: the Greek restructuring, the fiscal compact, banking union, ESM, the ECB’s OMT facility. Those who bet against the eurozone’s future misjudged the scale of the investment being made by Europe’s governments. That was the message that Draghi wanted to ram home. As Draghi said, it was a political message about the seriousness of European state building. The delays might come at
