Crisis can’t be resolved over night, no fast solution Crisis is worst since euro was introduced European citizens’ sacrifices major contribution to euro stability Development toward fiscal union is on agenda We have govt debt and confidence crisis Task of ECB is different from Fed or BoE Need to preserve independence of courts and ECB European politicians have lost credibility in the euro debt crisis Lost credibility by failing to implement stability pact rules Need EU treaty changes to reach fiscal union Need strong intervention rights Need to put into practice decisions from Oct summit Demands automatic sanctions ... (full story)