France is not the epicenter of the eurozone crisis.

The eurozone crisis may be entering its third stage.

At the same time, the euro crisis is inciting suspicion, antagonism, and new divisions in the eurozone.

But the eurozone debt crisis has distinctive features.

But the eurozone was not equipped to deal with this.

This, by itself, will not be enough to draw a line under the eurozone s crisis.

The crisis of confidence has infected the eurozone s big countries.

The eurozone debt crisis has worsened, and financial strains are rising.

HONOLULU The eurozone crisis is over, or so we are being told.

In the first stage, beginning in the spring of 2008, the locus of the North Atlantic crisis moved from the United States to the eurozone. Banks in the eurozone came under pressure, and interbank tensions increased.

In short, the solution to the Cyprus crisis is no solution at all for the eurozone.

Their leaders seem unable to come to grips with the eurozone s debt crisis.

The eurozone crisis is not a passing phase but the symptom of a serious ailment.

Unfortunately, the eurozone crisis is likely to remain with us for years to come, sustaining the likelihood of coercive debt restructurings and eurozone exits.

A couple of years ago, the eurozone was in the latter situation. That is why European Central Bank President Mario Draghi s pledge to do whatever it takes to save the euro immediately brought the eurozone s debt crisis to a halt.

The eurozone is gripped by an existential crisis that is slowly, but inexorably, destroying the monetary union s very foundations.

BERKELEY What once could be dismissed as simply a Greek crisis, or simply a Greek and Irish crisis, is now clearly a eurozone crisis.

That is where the eurozone is today. A debt crisis that erupted in Greece, the eurozone s outer periphery, has migrated with a vengeance towards the core, so much so that the survival of the eurozone itself is at stake.

A solution to the eurozone crisis that relies on Germany has always been politically uncertain.

A peripheral debt crisis has mutated into a systemic crisis because the eurozone s financial system is too interconnected and too weak.

In short, the solution to the Cyprus crisis is no solution at all for the eurozone.

The third stage of the eurozone crisis will arrive when the economic strength of the core is in doubt.

Although the UK is not a eurozone member, its cooperation is crucial if EU institutions are to be used to solve the euro crisis.

Second, Cameron was right to say that the European Union that emerges from the eurozone crisis will be transformed beyond recognition by the measures needed to save the eurozone.

How to Resolve the Euro Crisis

Is the Euro Crisis Over?

The euro crisis can end only when debt problems on Europe s periphery can no longer threaten overall stability of the eurozone s financial system.

And, because eurozone banks hold a substantial part of their assets in the form of eurozone sovereign bonds, the sovereign debt crisis became a potential banking crisis, worsened by banks other losses, owing, for example, to the collapse of housing prices in Spain.

While markets remained calm, the Cyprus crisis revealed the full extent of the political disaster that the eurozone crisis has wrought the European Union is disintegrating at its core.

Even before the eurozone crisis erupted in 2010, the productivity of capital investment in Italy was close to zero.

So a key challenge in resolving the eurozone crisis is to reduce the southern countries debt burdens.

We must then break the perverse feedback loop between banking risk and sovereign risk that is at the heart of the euro crisis.

When a fiscal crisis hit Greece, the financial world suddenly discovered that eurozone members had put themselves in the position of developing countries.

Furthermore, the eurozone crisis does not have the characteristics of a currency crisis.

In the former case, current German policies toward the eurozone crisis will not change, despite austerity fatigue in the eurozone s periphery and bailout fatigue in its core.

But, if this is to become a decisive turning point in the eurozone crisis, three things must happen.

In the first stage, beginning in the spring of 2008, the locus of the North Atlantic crisis moved from the United States to the eurozone.

The euro crisis followed a similar pattern.

The euro crisis is a complex mixture of banking and sovereign debt problems, as well as divergences in economic performance that have given rise to balance of payments imbalances within the eurozone.

A debt crisis that erupted in Greece, the eurozone s outer periphery, has migrated with a vengeance towards the core, so much so that the survival of the eurozone itself is at stake.

Likewise, eurozone countries have been looking to long time aid recipient China, which holds 2.5 trillion of US government debt, to help them overcome their own debt crisis.

The same thing occurred in the 2007 2008 crisis, though the shift is less acute this time, and is confined to the eurozone.

How could a eurozone supervisor be based outside the eurozone?

The eurozone crisis will not be resolved until this internal imbalance is reduced to a sustainable level, which requires not only fiscal adjustment in the troubled peripheral economies, but also balance of payments adjustments across the eurozone as a whole.

BRUSSELS The euro area confronts a fundamental crisis that attacks on financial speculators will do nothing to resolve.