The Crisis of Crisis Management in the EU

The debate on austerity as well as the sweeping generalizations on the failure of EMU tend to overshadow both the successes and country specific differences in the EU. The big theoretical and practical question remains if it is the architecture of EMU which is flawed, or is it asymmetric behavior of some major players, which is at the root of the malaise? Would more spending along the propositions of Krugman, an all-out non-austerity platform, work and how? Is it about austerity or quality of governance?