Diagnosing the EZ Crisis is a critical first step towards developing a consensus on how the monetary union should be fixed. This column contrasts views that place the blame mostly on markets with those that place the onus on governments. The fixes necessary for the survival of the euro are – correspondingly – more ‘market discipline’ or ‘political discipline’ exerted at the European level. Neither is very attractive, but it should be clear that ‘market discipline’ is not a mechanism run by atomistic players. Global wealth is highly concentrated, so market discipline means, de facto, a regime of plutocracy.