The Philip R. Lane's article "The European Sovereign Crisis lists many of principal aspects of origin, reasons, aspects, development, consequences, and approaches how to solve the crisis. However, I think several others should be added.
Firstly, it was a crisis of ethic – in politics, banking practice, and business, in general which led to an underrating of risks connected with non-professional and sometimes corruptive interrelations between politicians, bankers and businessmen. Many of examples of this crisis could be found all over the Europe and other regions, specifically those mentioned in the article on page 55 in the part “The Financial Crisis and the Sovereign Debt Crisis”.
Secondly, crisis in management, especially in its leadership, controlling and revision functions enabled such failures and collapses like at Lehman Brothers. Also the quality of education and professional practice of top managers in banks and business organizations before they are approved to their positions is principally different from a curriculum of most of the top-managers in state, regional, local and other public governments and institutions and it may weaken their position in face with these ”keen professional managers”.
Thirdly, the European and also World global financial and economic crisis has its roots in erroneous understanding of the role of money in modern World, in my mind. Money should serve not to rule - even nowadays. Money is a tool, only. To develop economy and well-being in general we need not just money, but also other “tools”, like know how, educated, skilled & experienced staff and managers, scientific knowledge, techniques, technology, information, transport and communication means, and many others. Their lack or underdevelopment can result in backwardness, regional and local disparities, but money in hands of speculators represents a destructive danger for economy, business, social and political development all over the world.