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People's Daily Online>>Opinion

Eurozone needs to balance short-term rescue with long-term reform


19:45, December 09, 2011

BEIJING, Dec. 9 (Xinhua) -- European leaders are racing against time to work on a last-minute rescue plan to convince the world that this time round they have the ability to turn the tide of the two-year-old debt crisis.

A credible rescue plan must consist of two parts: short-term goals and long-term ones. For now, the immediate task for European leaders is to restore market trust as the current predicament facing the eurozone countries is not just cash shortages. More to the point, it is a crisis of confidence.

The second part of the rescue package is to address the underlying problems of the debt crisis, which will take a long time to complete as it involves fundamental changes to the current European Union (EU) treaty.

A flurry of financial measures aimed at restoring market confidence in the short run have been put on the table at the two-day EU summit which began on Thursday.

Proposals, including greater intervention by the European Central Bank (ECB), scaling up the firepower of the European Financial Stability Facility rescue fund and introduction of the European Stability Mechanism (ESM) in 2012, are considered as viable steps to prevent the crisis from spiralling out of control.

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William Hooper at 2011-12-1394.79.104.*
"A credible rescue must consist of a short and long term strategy" Of course you are right technically, but think about it as a philosophy problem. Is there any point in considering your short term strategy before you have your long term strategy? Look, if you are going to cross the river first you must contemplate the technique, then you can focus in the moves. Starting before you have a plan is self defeating. If you meet a girl in a state of panic on the edge of the river, first you tell her to breathe deeply and figure out her path. She will say I can"t relax, the world will end unless I cross this river, but you say you have to find the path first, trust me the world is more resilient than you think. If you look at China"s modern history it too has thought too short term, and that is why it has many problems in the housing market and environment. People"s Daily sometimes we need tigers and sometimes goats, because the future is so uncertain this is a time for reflection not instinct.

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