A quote of the day:
"A recent study by Federal Reserve economists concluded that America’s protracted high unemployment will have serious adverse effects on GDP growth for years to come. If that is true in the United States, where unemployment is 40% lower than in Europe, the prospects for European growth appear bleak indeed." Joseph Stiglitz
Agree or disagree with (as I do with some of) his prescriptions, but the above quote is a key to understanding why Euro area's economy is a brick that hit the water.