*  *  *  What is your analysis of the situation in the euro area? The euro area is at a crossroads. On the one hand, it has come through the financial crisis. On the other, it faces major challenges in terms of growth. If we consider, first, the financial crisis, the most crucial point came mid-2012.
If such swap lines are not available, then a country in distress may turn to the IMF to resolve a currency-specific liquidity crunch. To avoid such scenarios, there needs to be sufficient cooperation among the issuers of the major reserve currencies together with the IMF in recognising the importance of reliable currency swap arrangements.