Those seem like sound ideas to me, but they might be beyond the reach of the various governments in those countries where, much to the chagrin of the European Central Bank, citizens do still have the right to vote.
Since Europe has by far the largest banking system in the world, the eurozone crisis is also a significant drag on growth and employment throughout most of the world, and could easily do more damage if it is not resolved.
But let me emphasize, the outlook for the region hinges on policy action in Europe. Policymakers there need to intensify their efforts to contain the crisis, and put an end to the rise in sovereign spreads and the cutback in bank lending that threaten the global economy in 2012.
The global crisis has pushed trade reforms off -- or at least to the edge of -- the political radar screen. But shying away from improving the trade system in these tough economic times seems a little like cutting off your nose to spite your face.