"The Eurozone crisis is coming to a head. This column is an open letter to European leaders imploring them to take decisive action this week. Any more delays could mark the end of the Eurozone as we know it.
The debt crisis has reached the core of the Eurozone.
•Italy and Spain are now directly involved in a serious credibility crisis.
•The creditworthiness of more than one-third of the Eurozone is being challenged.
For the first time, the very survival of the euro is at stake.
EU leaders gathering in Brussels on Thursday face a historical responsibility. It is essential that an agreement be reached on a plan that prevents further escalation of the crisis.
As economists actively involved in the policy debate, we have offered a number of suggestions. The common thrust of these proposals is that the expansion the European Financial Stability Facility (EFSF) is essential; it must be able to make banks strong enough to withstand a default by Greece. The EFSF should also be allowed to operate in secondary bond markets and be given operational flexibility and independence. There are many technical details and many variants of these proposals. The important thing is to acknowledge that leaders are out of time. Deciding to not decide could mark the end of the Eurozone as we know it."
(editorial do site Vox)