In Washington and London, economic misfortune is forcing governments to think how best to sustain economic growth. In the eurozone, it is completely different: there is no single eurozone government.

The latest downturn – last week came news that the second quarter saw the first quarterly contraction in the eurozone economy since the launch of the euro – coincides with a period of political drift in the European Union, 15 of whose 27 members use the single currency. The sinking by Irish referendum voters of the Lisbon treaty on institutional reforms dashed hopes of the region becoming more politically effective, not least through the creation of a full-time EU president.