Should optimistic views about globalization like those of Michael Mandelbaum hold true, Europe may manage to defuse the crisis as new markets open, economic ties strengthen, and member states realize they have a common goal. Namely, to increase prosperity and profit from the ongoing technological innovation.
Much like sporting events can be histrionically promoted as 'crunch matches', 'the day of reckoning' or similar, recent meetings of the world's central banks have often been given a similar billing. However, it's safe to say that the impact of these economic planning meetings lasts longer than any bangs and scrapes picked up in a 90 minute kick about.
The EU cannot really afford to slow down even though it is about to go into a parliamentarian transition, next May. The reasons for national governments to make the necessary reforms to help SMEs grow will become one of Europe's most expected actions. Not doing enough does not only prevent the EU from becoming more competitive; it is a recipe for more problems down the road...
Even in the depths of global economic despair in 2009 when we needed really aggressive monetary policy, the measures used and the quantum of money printed as Quantitative Easing was much too timid, and anyway it got stuck in the bowels of banks' balance sheets as excess reserves as they were all too terrified of lending money on to real people or businesses, as the policy intended.