If short-term crisis fighting is successful, for instance through ECB actions, some of the longer term challenges might never be addressed. The immediate pressure subsides, and incentives for governments weaken. More than once did we witness this during this crisis. By contrast, if the fire-fighting in the short-term does not succeed, there may not be a longer term to think about.
6  George MacDonald, 19th century Scottish writer  7  Jacques Attali 26/11/2011  8  REUTERS, 30/11/2011  BIS central bankers’ speeches  5  Our communication is walking a tightrope: markets need reassurance that the ECB will do what is within its power and mandate to guarantee that the euro will not to fail.