It has been an unfortunate truth that in order to get a crisis response from the EU or ECB that the crisis has had to escalate to levels that threatened the existence of the EU. The crisis is once again beginning to spiral out of control with Spanish and Italian borrowing rates blowing out. This is both good and bad. The reason that a crisis is bad is obvious. The reason it is good is that this will eventually force the hand of the powers that be in Europe to deal with the crisis. We are likely to see a strong rally when that finally happens.
On a side note I am not advocating printing money to deal with every problem. The Italians put their fiscal house in order and made real changes. They are running a primary surplus, which means that they are running a surplus if one excludes interest payments. If Italy were paying the same interest rates as Germany they would be running a surplus. Germany, the poster boy of fiscal responsibility, is not running a primary surplus. Italy is a country that is deserving of help from the EU and ECB but they are being left to drown on principle.