Wall Street Journal
February 4, 2011
There is calm in the euro zone, but also a widespread, though not universal, expectation in the financial markets that more storms lie ahead.
On the table at Friday's European Union summit is a package of measures that will expand available bailout funds and make them more useful to stem the onset of a crisis. The price is for the weaker economies to take further measures that over the medium term will reduce the risks of such debt crises emerging in the future.
For now, governments are being given the benefit of the doubt: that these measures will deal with the main risks that confront the currency union. But what are these risks?
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