So, on one level, the Greek crisis is an opportunity to implement a long-needed fix. No doubt, some of the most ardent believers in the European project are rubbing their hands in anticipation. But none of the decent solutions is viable. The political fears that ruled out the creation of an EMF are still there; France in particular is opposed to stronger outside oversight of its economy. Angela Merkel, Germany's chancellor, says an EMF could be a good idea, but she also says it would need a new treaty. This enables her to back an idea she knows full well will never fly.