 I think the biggest problem that has come out of the Eurozone experience is related to the banking system's large holdings of union members' sovereign debts. When these go bad, come under stress, the bank's balance sheets are affected. Those in turn raise the possibility of sovereign bailouts of the banking system, which would further increase the debts. So that has been really the major problem as I see it. If this were not the case, then defaults would happen, or could happen, but wouldn't necessarily be such a big deal. We're so afraid of them because we're afraid that a default will bring down the financial system. The fiscal treaty, to my mind, represents a fundamental misdiagnosis of what the Eurozone's problems have been. In the case of Greece, certainly there was a lot of fiscal misbehavior, but if one looks at the fiscal accounts of Spain and Ireland up to the time of the crisis, they looked very healthy. The main problem has been in the financial sector and in the banking system's instability, which has led to the need for large bailouts. I worry also that many of the targets in the fiscal treaty are not that well designed or understood even by economists. How do we understand the structural deficit or calculate it? It seems to me this opens the door for a lot of disagreement. It's not clear to me that the treaty in itself will necessarily lead to the creation of a common European bond. It may be that if countries respect the desire of the Germans and others of limited deficits over many years, that there will be a political climate in which Euro bonds could be created. In and of itself, I don't think the two necessarily go together. A European bond would be useful for a number of reasons, one of which is that it would be an instrument that banks could hold and use in monetary operations with the ECB rather than local sovereign debt, and that would enhance their stability compared to the situation there now where they're required to hold individual country sovereign debts and end up inevitably concentrated in their home country sovereign debts. The wish list is a long one and the elements are hard to achieve, but just to go through a few of the elements that I would like to see in place, certainly there needs to be a more coordinated, comprehensive and international approach to financial regulation that takes into account global financial integration. I think we need enhanced firewalls in the form of liquidity facilities in multiple currencies and probably enhanced resources on the part of the IMF. I also feel that a big element in the problems we've seen is the absence of any credible and transparent procedures for resolving large global financial institutions that get into trouble, winding them down in a relatively non-disruptive way, or winding down sovereigns who need to restructure their debt. If credible mechanisms of that sort were in place, I think it would go far toward discouraging the sort of risky behavior on the parts of financial institutions and even some governments that help lead to the current crisis.