But what makes the situation in Europe terrible at its core aren't just these glaring holes in its institutional design or the immoral hazard posed by its banks. Rather, it's what might be termed the "epistemic hubris" behind the whole euro monetary project, which again comes down to the power of a set of economic ideas that blinds us to the effects of our institutional designs, just as it did in the US case.

Mark Blyth, Austerity, loc. 252