Reform through crises, particularly ones prolonged by squabbles between Member States, not only undermines Europe’s role on the international scene, but also weakens social cohesion, fuelling anti-European sentiment and extremism. In this context, I am not sure we can afford – either financially, socially or politically – to keep relying on the same crisis-reacting propulsion mechanism.
If so, who should the recipients of this liquidity be: the stressed asset manager or the market? Under what conditions?