The course of the crisis leaves no doubt about what this requires. First, on the national level the determination of the affected countries to return to a sustainable path of public finance and to undertake the necessary structural reforms is required.
Second, as such action will inevitably entail painful and initially contentious adjustments, we need a framework within the monetary union which ensures sufficient incentives for the member states to follow this way nevertheless. So far, the decisions taken for crisis resolution within the monetary union have not addressed these issues sufficiently as the recent aggravation of the crisis has shown.