These two simple elements – orderly default and a financing mechanism – could resolve the current crisis within the euro zone: by creating a European Monetary Fund along these lines, the euro area would acquire an institution that could support member countries in difficulties, but that would also ensure that market discipline really worked.
A eux seuls, ces deux outils – restructuration de la dette et mécanisme de financement – pourraient résoudre la crise qui secoue la zone euro: avec un Fonds monétaire européen créé sur ces bases, la zone euro se doterait d’une institution capable de venir en aide aux pays membres en difficulté, mais également de veiller au respect de la discipline de marché.