【正文】 , which will make it hard for her to govern from Berlin and Germany as a whole. But there are much larger implications here for the system. If it es down to it, that notwithstanding, her focus will be on saving the German economy by saving the EU. I think the point here is how can we achieve that integration in a meaningful way? It would be easy if all new entrants, if the weaker economies in Europe including the Eastern European ones, were also faltering at this stage to make the argument that the whole EU and the euro is a failed experiment. But it39。s why they are posting returns. So whether we like it or not, [the markets are connected] and the stock markets are certainly sending us those signals. That39。s [earnings] results declared very recently, or IBM39。t have any consequences on the economic recovery here in the United States or, for that matter, recovery around the world. It would have devastating consequences. Chaudhuri: I strongly agree with Mauro on this because I really think that it is very unlikely that they will unravel the Eurozone or other aspects of the EU. The basic situation is now that we live in a globally interdependent economic system. It is not just about Europe. It is about the global financial markets being linked. It is about exports happening. It is about markets opening up. If you look at Proctor amp。s not very likely because all it would take for the whole thing to be saved is for the Germans to send a very clear signal that they are not going to let that happen. If things get bad enough in the next two or three months that there is a danger that I don39。s do something, but the Germans will pay.”And [French President Nicolas] Sarkozy is quite good at that in convincing them to get [German Chancellor] Merkel [to pay] in spite of her political situation today. With the international financial crisis on the real economic impact of indepth, enterprise funds management Financial Strategy Chain Management into the traditional financial management as a major breakthrough in the the gradual spread of financial crisis, weak global economic growth, further increase pressure on the operation of enterprises, capital chain tension issues bee more prominent. In this case, strengthening financial management and improve efficiency in the use of funds has bee a business imperative. In bination with changes in the environment of financial risks, actual cases of enterprise for the carrier, will raise funds to finance the strategic core strategy, the fund management with the bination of corporate culture, a prehensive budget management as a means to build funding chain virtuous circle mechanism excellent financial management, enhance the profitability of raising capital funds ability to identify the chain of risk, thus further improving their financial risk prevention and early warning mechanism. Guillen:I would tend to think that it is not that likely that the Eurozone would unravel. I don39。t really make sense and without [having] a mon social system doesn39。t know whether you have looked at the recent elections in Hungary. The far right party made a lot [of political gains]. And it is not only there In France the recent [local] elections [resulted in French conservative politician JeanMarie] Le Pen and his very far right, almost fascist, party getting more than 15%. All of that explains that the people do not know exactly what to do. Now, ing to the euro I don39。t want to single out Greece as being institutionally a disaster. But it seems to be that there are a lot of things in Greece that are not working if you try to impose [a solution] from outside it may not be that39。t even know how much money there is in the country because their fiscal system it39。s why at the beginning I was saying you also have to take into consideration the political cost or the political benefits or both of doing things in a particular way. Greece, first of all, what it needs is to tell the truth. It hasn39。t keep going. We need a bailout. Would you help us?”The IMF typically responded by saying, “Sure. We will help you, but by the way you need to change this or that [various economic policies].” The IMF came under attack for actually going too far in terms of asking countries to do certain things that, in some instances, proved to be counterproductive. So it is tricky. There is a professor [of management] here at Wharton, Witold Henisz, in my department who has demonstrated that when you impose reforms from the outside, when a country is in dire straits, it is actually so much more likely that there will be a backlash against those reforms. It39。s that too big to fail type of concept applied in a slightly different way. Guill233。s the lesson from the Greece package. I think that knowledge reached a certain level in Europe [and] that we will see a strong response ing from Europe, from Germany, France and other countries. They can39。s just the nature of it. I think it is a good time to start thinking about the right institutions and mechanisms at those levels, which can respond to these types of crises in an effective fashion. And that39。t plan, especially institutionally, for the situation then there is no way in real time that you can actually put in place the mechanisms to cope with the situation. Saikat Chaudhuri: The latest economic crisis shows it39。t think about what should be done in case one or more countries actually get into trouble. They didn39。s coalition anyway, and Merkel is now being roundly criticized for allowing financial events in Europe to skid nearly out of control. Others point out that delaying action may have made the bailout more costly to Germany and others than it would have been earlier, as borrowing costs climbed dramatically in reaction to swiftly mounting perceived risks. In the runup to the announcement about