LUTHERAN V. LATIN:

The bigger problem remains, however, the gap in trust and political cultures between northern and southern Europe. Back before the crisis, when things were going well, it was considered politically incorrect, even xenophobic, to suggest that standards of probity in public life vary widely across Europe and that this is a problem for an organisation dedicated to "ever closer union".

Now, however, it is apparent that this lack of convergence in trust and political culture is at least as important as a lack of economic convergence. It is also true that the Germans, the Dutch and the Scandinavians have their own problems with corruption in public life, and that the caricature of the whole of southern Europe as corrupt and lazy is grossly unfair.

And yet it is a fact that tax-evasion is rife in countries such as Greece and Italy. That has always made it hard to persuade northern voters to bail out the south.

Even casual observation confirms that attitudes to public money vary widely. A couple of years ago, I was invited to a meeting of all Dutch ambassadors from around the world. Lunch was a not terribly appetising array of sandwiches and crisps, eaten standing up. I suspected that, even though the public finances of Italy or Greece were in worse shape, their ambassadors were eating better.

It is a trivial anecdote. But it is the kind of cultural difference that explains why the northern Europeans have now said "basta", when it comes to the Cypriot banks.

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