Who is responsible for the sovereign debt crisis ? The same people who conceived of the Eurozone. But also the governments and the European Central Bank who did not see the dangers of lower interest rate alignment. Also responsible are the bank regulators who allowed sovereign debt to be tied to banking risks and the investors who acquired the debts of bordering countries at the same price as those of Germany. Only a proposition that will address all of these mechanisms will allow for a response to the challenges of the crisis.