The New Deal
The great depression in the U.S.A. was largely due to the domino effect of banks collapsing as their customers pulled out their money. Bank runs happened in the U.K. and Greece more recently, but the governments stepped in to prevent them from going under. Tim forgets that bank collapsed ceased after Franklin Delano Roosevelt entered the White House and announced the New Deal.
The Federal Reserve Banks believed in laissez-faire, which meant they would not intervene directly in the crisis.
Since 1990 the German Federal Republic has poured like half a billion of Marks annually into restructuring the former German Democratic Republic. After 2010 this strategy has turned out almost into a happy ending, but Chancellor Merkel is not going to bankrupt her nation by pouring multiple billions into South-Eastern Europe.
It would not be so tough if these nations got to keep their favourite coin and their own monetary and fiscal policies.