It still seems likely that a long-term commitment to some form of budget-sharing via euro-zone bonds will be needed to convince investors that governments are serious.

WSJ: 2012: Taking a Look on Bright Side

Messily, perhaps, European leaders are at least debating some of the right questions: what degree of fiscal federalism and risk-sharing does the euro zone need to overcome the crisis?

ECONOMIST: Charlemagne

Without such risk-sharing, though, much of the euro zone could be one bank run away from meltdown.

ECONOMIST: Charlemagne

If Germany wants to save the euro it will have to accept greater risk- and burden-sharing, not least by mutualising some of the euro zone's debt and devising a Europe-wide system to stabilise banks.

ECONOMIST: Charlemagne

All this should make euro-zone members better able to cope with the rigours of sharing a single currency with Germany.

ECONOMIST: Europe and the euro

Germany, the Euro Zone strongman, is borrowing just like the other constituent states making up those sharing the common currency, a lower amount, but borrowing none the less.

FORBES: Yes, Spanish Crisis Has Triggered the Euro's Endgame