American financial officials are getting increasingly annoyed at the sneers of their European counterparts. It’s all of a piece with the Euros’ snickering over their boxy suits, clunky shoes, cringe-inducing political campaigns, and massive asset write-offs. The Americans can live with being considered violent and soullessly efficient; being tagged as uncool bumblers is painful.

As the US policy tribe will point out, not incorrectly, at least they’re bumbling towards recognising problems and coming up with solutions, albeit at the last minute. The smoother and better tailored Europeans, they hint resentfully, have much more serious problems with their institutions, which they lack the existing authority or political consensus to solve.