There is a simple solution to stupid private lending: bankrupcty (ie debt cancellation). Nothing in the European treaties prevented that solution.

And nothing prevented countries from regulating lending more stringently inside their borders. It's "anti-growth" so it usually doesn't happen, but that's the point, isn't it? We can't seem to do the right thing if it costs us anything in the short term.

The grip of our financial world on our politicians (and minds) is what prevented that solution from happening.

Wind power