The European periphery is qualitatively different from the core. This implies that a monetary and fiscal policy mix which benefits the core will not, by definition, benefit the periphery except by coincident or accident. The debtor nations are also qualitatively different from the creditor nations. There is a distinct, but not total, overlap between the core and creditor countries, and between the peripheral and debtor countries. The (biased) case for the periphery is made in this article.