What went wrong is that the Euro became a party balloon that was blown up too big and too quickly. Happy with their big balloon they tied it up with a complicated knot hoping that all the huff and puff wouldn't seep out.
The answer is quite simple really. Find someone who is good at unravelling knots and let a little air out of the big balloon. Get it back down to normal size. About 20% deflation should do it. Merkozynomics won't fix it.
Euro Totenkopf image:gw2011/
*the European Zentral Bank is an organization with a lot of vice-presidents or 'yes men'. I think it's something like nine. Some of them have next to no idea about what's going on in the real world. They are merely incompetents who enjoy drawing huge salaries and expenses. Some were sent to the EZB by their own countries in order to get them out of the way. Behind it all is an old and corrupt system; basically it's a question of having the right party membership card and knowing the right people.