Pointing to the stubborn adjustment crisis that was stifling the global economy at that time, Graf Lambsdorff wrote: “It will only be possible to find a solution – at least a lasting one – to the worldwide problems if the individual countries themselves do away with what’s making it difficult for them to adjust.” The efforts needed to clear the debris after the financial and sovereign debt crisis sometimes addressed shortcomings of a very fundamental nature.
Greece, for instance, urgently needs a reliable and functioning administration and a more efficient public sector, not to mention measures to sustainably consolidate its public finances and further reform steps to make Greece a more competitive economy.