We should all keep in mind the dire consequences of the announcement of private sector involvement in the resolution of the Greek crisis after the Deauville meeting in late 2010. The importance of rigorous budgetary policies at a national level cannot be overestimated.
But reducing the debt-to-GDP ratio requires time and there is the risk that a crisis might interrupt the process, without this being the direct consequence of a policy decision. Europe should seek ways to support and protect the efforts that must be made by member states to reduce their debt.