“The current crisis management is all about quick fixes. There is no medium or long term strategy.”  This leads me to the third and last part of what I would like to say. In the current crisis management, the ECB has a prominent role, more prominently than I would actually like.
But the bulk of the responsibility for resolving this crisis lies with national governments. I have mentioned the need for fiscal consolidation and structural reforms. But more is being done. To many observers the crisis management looks very much like “muddling through”. This is only half true.