3 Step Survival Kit for the Eurozone

Wolfgang Münchau, The Financial Times | February 1, 2010

The EU will bail out one of its fellow members for the first time in its 11 year-long honeymoon with the euro. ++ After Greece and Portugal, Spain is likely to ask for support as well. ++ What should be done in order to prevent the eurozone from faltering?++ First, a transparent crisis-management system to impose string-attached bail-out plans; second, a strong political leadership from the Eurogroup; and third, more financial European integration . ++ Lack of political will is again more to be feared than monetary difficulties themselves.