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But the Nordics are continuing to introduce structural reforms, perhaps a bit too slowly but stolidly and relentlessly.
In theory, a radical party like Syriza is in a far better position to introduce structural reforms than that of Mr Samaras representing the political and economic establishment.
Most Italian businesses also strongly support Italy's continuing euro membership.This implies, however, that to remain competitive without recourse to devaluation, Italy must introduce structural reforms to boost productivity and hold down costs, as well as sorting out its public finances.
Having voted for Mr Schwarzenegger in 2003, they deserted him the moment he tried to introduce structural reforms in 2005.Interviewed shortly before his exit at the start of this year, the gubernator had two thoughts.
If it went well — i.e., if one of the traditional parties came out ahead of Syriza — the best that could be hoped for was that it would buy Europe a bit more time to introduce structural reforms and figure out how to get the continent growing again.
Whether it has a long-term future will depend on its new models, notably the new Fiat Punto. Sittingin his office above the glitzy Ferrari production line in Maranello, south of Modena, Mr Montezemolo says that Italy will pay a high price if it fails to introduce structural reforms.
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And his reluctance to introduce structural reform was the chief reason why he was ousted from power last November.
In reality, the near-agreement marks yet another defeat for prudent government.Nothing could be more irresponsible than expanding one of America's biggest entitlement programmes without trying to introduce structural reform (such as competition to hold down prices, or means-testing to make sure the government does not end up paying for pills for millionaires).
Deflationary dynamics were not stopped despite the fact that quite a number of euro-zone governments introduced structural reforms.
Demand would adjust automatically to the supply.For too long the ECB believed in this narrative, lecturing governments to do their part by introducing structural reforms.
The Bush administration signally failed to use the expansion of Medicare as a lever for introducing structural reforms, such as means-testing.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com