Since November of last year the European Commission has been actively considering how to create “Stability Bonds” that would put the full faith and credit of the EU (i.e., Germany) behind at least part of the national debts of the member states. Taken individually, some of these debts are hopelessly high. Added together and compared with total euro-zone GDP, they are manageable. What stands in the way is not French socialism or Greek populism. It is quite simply German complacency.