Jean-Claude Juncker, the president of the Eurogroup organisation of eurozone finance ministers, said at the weekend that the single currency had reached a “decisive phase”. In the near three years since the sovereign debt crisis first erupted, how many times has that phrase been trotted out, only for this slow-motion car crash to continue? We are no nearer a lasting resolution now than we were at the outset – though many billions of euros have been frittered away on a series of ineffectual, short-term fixes.