Is there a European crisis?

Jamie Galbraith has his doubts that the crisis in Greece and other peripheral European countries should be called European.  You can hear the audio of his talk here.  His point is that, while it is true that the European confederate organization with weak fiscal links is a problem, the crisis was a global financial crisis with the epicenter in the United States.  The European problem is that the model of integration is a failed one to bring the convergence of the periphery to the income per capita levels of Germany and France.