In other words, Europe is struggling between easing short-term pain and committing to long-term reforms. Let me give you a brief idea of the two options for long-term reforms. In both cases a stable, long-term solution for Europe can only be achieved if actions can once again be reconciled with responsibility for their consequences.
The first option would be a bold institutional step forward and would shift responsibility for fiscal and economic policy to the supranational, or European, level. In other words, the creation of a fiscal union. A fiscal union would undoubtedly be the largest step in the European integration process since the launch of the euro.