Britain's case is every bit as important as the Eurozone's for reasons stretching well beyond current woes affecting the latter.
The United Kingdom is one of the long-established nations of the industrialised world.
It chose to retain its own currency as well as every other tool to manage the economy sovereignly.
Evidence shows, however, that it is hardly in any better shape than most other highly indebted countries of the developed world, large or small.
Why?
Unless that single one-word question is correctly addressed there can be no proper resolution to the daunting challenges facing the UK economy.
It must also be said that this is despite financial markets still eyeing the UK with extreme favour.
How else can Britain's low borrowing costs be seen when set against its macro figures and real growth prospects?
Each country is one of a kind presenting clearly an individual track-record, present strengths and weaknesses and future prospects.
Close analysis quickly offers multiple data to back up relevant differences.
It would seem that the Chancellor of the Exchequer did not have an option other than to cut back on runaway spending. Where he failed was that overconfidence that his policies would spur growth quicker.
But how can that come about when recent past growth was owed mainly to overblown banking and financial services, excessive public and private spending adding up to those towering debts?
Like the so-called periphery the UK also embarked on a limitless spending spree. In fact the country's fiscal deficit and debt-to-GDP ratio combined or independently, is worse than most in Southern Europe, Greece the odd exception.
Furthermore, total debt - public + corporate + household - is by far among the highest, Ireland the odd exception here.
Then there is the powerful argument of growth potential, a meaningful one doubless. Used by market analysts to severely punish Southern countries but what truly will drive British growth in the future?
Having already been revised downwards through 2014 one wonders why financial markets remain so benevolent towards the UK while battering others including Germany lately.
There must be a one and only explanation: the Bank of England.
As long as the institution remains rock-solid in place as the government's lender of last resort markets and investors may stay calm almost irrespective of the debt pile's height?
George Osborne's efforts are therefore right in the sense that throwing debt on top of debt is unsustainable by definition.
It has got to stop at some point in time.
In the UK's case that point was reached years ago.
So too in most countries who overspent as nearly the only means to cause the economy to grow.
A very difficult balancing act now faces governments in the US and many in Western Europe.
In the immediate reining in public finances to rational and sustainable levels is paramount.
The underlying issue much broader.
It is about industrial production and other wealth drivers that may sustain rich economies over time.
In this regard the UK is relatively ill-equipped unless more than a few embedded trendlines are quickly reversed.
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