The plain and simple fact is that the euro's failure is about more, much more, than the euro. For it is not just the euro that is failing, but the entire liberal, elitist worldview that underlies it. That worldview, in a nutshell, is the notion that human nature is as malleable as a lump of clay and that any utopian society one can imagine can be created in the real world simply by writing it down on a piece of paper and voting for it.It is that failed world view that can be seen contrasted between the more liberal European nations and the less liberal. But that is often political. That line of demarcation in economic terms invariably comes down to whether a nation has adopted Keynesian Economics or not.
Below we see the European nation graphed such that vertical movement represents surpluses and deficits while horizontally we see the debt load relative to GDP of the same nations. (click expanded data for a larger view)
Notice Bulgaria's rapid shift to the left as it shed debt prior to the crash and how little it shifted back to the right during the crash. Estonia and Luxemburg too eschewed debt both prior to and during the crash. Each are now rebounding from the crash free of the burden of debt.
Contrast that with the more Keynesian nations of Europe. Note that few rarely enjoy surpluses and when they do, Spain, Ireland, and the UK for example, do so via a private sector expansion in debt that created the appearance of growth while eroding those nations ability to weather economic shock.
That faux-growth was good for the politicians at the time but bad for the nation later and worse for those that have attempted to credit their way to prosperity.
Keynes and liberalism have in all likelihood killed the euro.