3  Challenges in the euro area  The major risk for the euro area is probably the uncertainty resulting from the debt crisis in Greece and some other member states. However, in mid-July, policymakers agreed on an all-encompassing package to stabilise the situation.
First of all, it is important to keep in mind that the situation in Greece is exceptional in various aspects, and for these reasons the measures taken should not be extrapolated to other member countries. Furthermore, from a central banker’s perspective, it is to be welcomed that the European Council announced its intention to ensure sufficient capitalisation of banks and adequate collateral.