by Charles Forelle
Wall Street Journal
August 26, 2011
When Europe's leaders return from their summer break next week, they'll find plenty of work waiting. And, once again, little time in which to do it.
The European Central Bank held back a destabilizing rout that flickered earlier this month in Italian and Spanish government bonds, by continually buying them on the secondary market. But that, as a top ECB official said in a magazine interview this week, is "not a permanent structure."
It will be up to euro-zone politicians to build one. Their pre-vacation summit on July 21 laid a few bricks, but the rest exists just as conceptual drawings.
There are at least four major items on the to-do list.