European leaders will meet Friday for yet another “historic” summit at which the fate of Europe is said to hang in the balance. Yet it is clear that this will not be the last one convened to deal with the financial crisis. If public previews from France and Germany are a guide, there will be commitments to assuring fiscal discipline in Europe and establishing common crisis-resolution mechanisms. There will also be much celebration of commitments made by Italy and a strong political reaffirmation of the permanence of the monetary union. All of this is necessary and desirable, but the world economy will remain on edge.
Summers, Lawrence H. "Time for the IMF to Step Forward." Washington Post, December 8, 2011.