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EU policies have been insufficient to solve the problem for three reasons: they have failed to recognise the possibility of insolvency and have addressed all crises as if they were pure liquidity crises; they have failed to address systemically the interdependence between banking and sovereign crises and crosscountry interdependence; and they have been reactive rather than proactive, squandering credibility because of inadequate responses. A swift, radical and comprehensive solution is now needed comprising a plan to restore banking-sector soundness; revising EU assistance facilities and restructuring of public debt where needed; and fostering adjustment and growth by promoting budgetary consolidation and competitivenessenhancing domestic reforms in peripheral countries. BANKS 336