In plain language, the central question in my remarks today is “Can the euro make it, and how?” The answer to the first part of this question is crystal clear: “Yes, it can and it will.” To answer the “how”, I shall proceed in two stages: first, by explaining how the crisis came about and, second, by describing Europe’s response so far and, to our mind, future actions needed.
2. Analysis of the crisis  There is no doubt that the euro-area sovereign debt crisis, which was triggered by the global financial and economic crisis, has been the greatest challenge ever faced by European Monetary Union. The European Monetary Union is certainly at a crossroads.