Wolfgang Münchau: "The crisis goes on"

From Wolfgang Münchau at the Financial Times: Snags, diversions – and the crisis goes on

Remember what everybody said a week ago? To solve the crisis, the eurozone requires, in the long run, a fiscal union with a prospect of a eurozone bond and, in the short run, unlimited sovereign bond market support by the European Central Bank. What we now have is no treaty change, no eurozone bond and no increase either in the rescue fund or in ECB support. ... The crisis ... goes on.
excerpt with permission

This definitely seems like more "can kicking", although the actions of the ECB will provide some liquidity for European banks. It still doesn't seem like European policymakers have addressed the issues of growth and rebalancing.

And from the WSJ: Europe Debt-Crisis Deal Not a Cure-All