It is up to the countries in trouble to implement the reforms that will allow them to recoup competitiveness and reduce accumulated imbalances, within an appropriate timeframe and gradually but without the bar being lowered. It is up to the stronger countries to foster this process by not hindering rebalancing and by achieving structural progress that favours an expansion of demand.
It is necessary to counter the dangerous tendency towards the renationalization of financial systems. In the first place, it is essential to avoid measures that, taken in good faith but from a purely national standpoint, effectively impede the workings of the single market and the single monetary policy.