...while only one dances to the market.
With the exception of Estonia, the only European nations to show surpluses prior to the crash did so with the accumulation of private debt while others only managed to minimize their deficits via a similar accumulation of debt. In either case all but Estonia massively weakened their ability to tolerate an economic boxing about the ears that came later and in an effort to keep from dropping off the above chart slid toward the right, toward further indebtedness.
It is clear that socializing private debts will not only set the stage for a repeat, but doing so within nations already strugging under high public debt loads allows private debt to become the small bombs that, once socialized, create national bombs, and those national bombs, once socialized across the EU, will create an EU bomb.
There is more debt across the member EU nations than can be absorbed by the EU.
But that is the European dance with credit. It is, however not Estonia's dance. Rather than a slide to the right, toward the burden of further credit, Estonia chose to crouch and leap into growth and credit free surpluses.