And as austerity programmes bite further, we are likely to see more scenes similar to those that were recently played out in London and Athens. The challenge for leadership is to rebuild this trust and confidence. It can’t be through more talk. There has to be action, but the room for action is limited.
Any measures taken are likely to entail significant financial commitments, and these need to be big enough to put a stake in the ground. Such costs should not be looked at in isolation, but in relation to the costs already incurred, and the costs of not resolving the crisis. There is a long, painful path ahead for all of us.