Read the opinion published in the FT on 9 Dec. by FEPS consultant Prof. Stephany Griffith-Jones both with Asst Prof. Robert Akerlof and Prof. Marcus Miller. “The outline of a deal by the 17 eurozone governments to be agreed this week is emerging. It would include fiscal commitments and a European Stability Mechanism; and the new agreement would not imply future debt reduction. This could be a basis for stopping the crisis. The key missing element is restoring economic growth, as Martin Wolf underlines. Excessive fiscal austerity, accompanied by lack of private confidence, risks euro recession – and may trigger future default …”.