Wall Street Journal
December 16, 2010
By delaying development of a permanent and comprehensive crisis-management structure, Europe could be pushing its sovereign-debt and financial crisis to "the edge of the cliff," the head of the International Monetary Fund said.
In an interview with ThomsonReuters, IMF Managing Director Dominique Strauss-Kahn said he worries that European officials are "too much behind the curve," compared with how fast markets are moving, risking contagion in the euro area.
"The risk is always to act only at the last minute," he said. "The institutions are still thinking too local when they're facing global problems."
Europe must press ahead, Mr. Strauss-Kahn emphasized, with developing a comprehensive and integrated crisis-management plan.