RAHN: Europe's worsening crisis - Washington Times

It is true that the Federal Reserve's excessive low-interest rate policies, the mismanagement of the government-sponsored Fannie Mae and Freddie Mac mortgage institutions, and overleveraging by some of the big private investment banks did create much of the housing bubble in the United States. Yet, it is also true that actions by the Bank of England and the Blair/Brown government in the United Kingdom created most of the British housing bubble. Also, low-interest-rate policies by the European Central Bank (which creates the euro) supported much of the housing bubble in many European countries from Spain's Atlantic coast all the way to the Black Sea coast in Bulgaria.