The financial crisis in Europe continues to run and run. Every day, analysts feel compelled to proclaim the demise of the euro. Mostly, their focus is on Greece, Portugal, Ireland, or Spain. Yet strangely enough, Italy and especially Belgium have so far luckily escaped the gloomy predictions, despite both being weighed down by large deficits and debts while their political situation is markedly unstable.
Belgium has been without a government for three quarters of a year. The differences...
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