The only reason that the Euro hasn't crashed and burned (yet) is that every major central bank in the world is drinking the pseudo-Keynesian, Krugmanian Kool-Aid; to wit, that creating money out of thin air is the ONLY way to save the big banks (why do they require saving, hmm?) and keep "growth" (retch, choke) going. They're all playing that game we played as kids, "Pass the Trash" or "Screw Your Buddy", but with untold trillions at stake instead of pennies.
Thus, the mad rush to print money, thence to inflate -- the irresponsible debtor governments' universal, all-purpose solution to reduce (haha) or get out of (chortle!) debt.
The only remaining point of discussion is the precise timing of when this corrupt, Goldbergian system blows. Pays your money, takes your choice.
The article is confused as to why so many European countries are falling apart; it's either the Euro, trade deficits, or it's tax'n'spending that's the root-cause bad idea. Hint: the Euro's not the problem, the trade deficit's not the problem, it's tax'n'spending. Austria has an unemployment rate of around 4%. They also have a huge 'trade deficit'. What they don't have is tax'n'spending and instead of Keynes they got Hayak.
"James Lewis" is a alias and there's no bio on the guy (gal?) and my guess is he/she probably never took Econ101. My reasoning is Lewis is an idiot to think that devaluing the currency can help the economy by boosting exports. Reality is that exchange rates don't affect markets, it's markets that control exchange rates.
Lewis really needs to understand that government's not the solution, it's the problem.