But I would say -- you know, look, we are -- we have to continue to take steps to impact the medium and the long term even as we go through the cyclical adjustments that you see year in and year out that are reflected in fluctuating prices.

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Indirectly, the same is true in the labor markets: long-term unemployment benefits can be seen as an attempt to put off adjustments of wage levels.

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To be sure, southern European countries are running huge trade deficits with the northern tier (especially Germany), but as long as all are tied together by the common currency, internal cost and price adjustments (deflation in the south, inflation in the north) will be slow and painful, and will do little to spark growth for Europe as a whole.

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