Measures to safeguard Greece

Developments in the global markets over the past few days indicate that the international economic environment — particularly in Europe — is still volatile.

The system is trying to find a new balance, but even the meaning of the phrase is hard to define.

The problems are complex and, to a large extent, unknown. Every time bonds in the eurozone come under pressure, technocrats in Brussels and European leaders appear to be thrown into panic.

We evidently need new decisions that will safeguard the common currency, as the euro region appears set for fresh turmoil in September. Most analysts agree that to do so, Europe must introduce more measures to support debt-ridden Greece and, at the same time, install the foundations for integrated economic governance in the eurozone.

For its part, of course, Greece must streamline its dysfunctional and costly state sector and finally promote the long-delayed structural reforms.