Requirements Concerning the Financial Restructuring of the Euro Countries

The main causes of the Euro crisis lie in the irresponsible indebtedness policy of the affected Euro states and in the real economy structures which threaten not only the creditworthiness of those states but of entire economies.

In principle, anchoring debt brakes in national constitutions is appropriate for prompting states to reduce non-sustainable debts. However, debt brakes have an impact only if accepted by the public and if flanked by real economy reforms, a European solution of the financial institutions too-big-to-fail problem as well as a risk-sensitive credit granting to states.