In other words European workers must now be forced to compete toe to toe with Chinese labor costs even though the cost of living in Europe is vastly higher than living in China. Of course the obvious solution to that conundrum is to make the cost of living here more like that of living in China. Which is a simple matter of doing away with workers rights, health care, education and any sort of pension at all. The outlines of a plan emerging here I think.
This is a BANK funding crisis, but it is nations of ordinary people who are being blamed and forced to pay for all the corruption, stupidity, greed and lies which caused it and are still causing it.
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Falling Awake 
In managing the economy in any country, people and their government have to choose between four distinctly different available paths. Let us define them clearly and in simple terms:
Model A:
Maximize production & export; while maximizing consumption & imports. The results are: fast development; environmental degradation; materialistic corporatism.
Model B:
Maximize production & export; while minimizing consumption & imports. The results are: wealth accumulation; social disparities; and international hostility.
Model C:
Low production & export; while maximizing consumption & imports. The results are: sovereign debts; loss of independence; dysfunctional state.
Model D:
Low production & export; while minimizing consumption & imports. The results are: slow development; low qualities; weak defenses.
Only these models are demonstrated in all countries and the citizens can plainly know which way their country is going to, and argue with their governments the wisdom of their path.
So now what do people want? Do they want to be crazy; greedy; irresponsible; or vulnerable?
If people look deep inside their souls the answer will be definitely obvious.