However, more than trying to discuss a cogent overall interpretation of the euro area crisis, I would like to explore two perspectives: •  first, what were the root causes and key initial drivers of the crisis? •  second, what role did the international financial crisis, originating in the US, play in triggering the European crisis?
Second, we need to keep in mind that sovereign securities perform a well-defined function in banks’ business activities, as they provide liquidity and hedging services for banks while guaranteeing some positive carry, at least in Spain.