Of course, the crisis has opened our eyes to a blind faith in the market that has sometimes prevailed; however, statism and dirigism are, by no means, the right path to take. Instead, I suggest we return to a founding tenet of the social market economy: individual responsibility. 4  BIS central bankers’ speeches  Those who take risks must also face the consequences.
Attaching more importance to reviving this principle would represent major progress – including with respect to the sovereign debt crisis. 4  Conclusion  Ladies and gentlemen, dear members of the International Bankers’ Club, I have touched upon various aspects which I believe to be essential for overcoming the sovereign debt crisis.