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• L'Union Européenne est intervenue pour aider les pays en difficulté comme la Grèce en acceptant de renoncer à une partie des créances grecques en l'échange d'un plan de réduction des déficits. Elle a mis en œuvre un Mécanisme Européen de Stabilité (MES, 2011) pour venir en aide aux États, celui-ci pourra acheter des dettes primaires d'États que les banques possèdent (se transformera en FME disposant de 700 milliards de fonds mobilisables). Cette crise est symptomatique d'une crise de confiance plus profonde par rapport à la Zone Euro. Le fédéralisme budgétaire n'est pas envisagé mais la reprise d'une croissance soutenue dans la Zone Euro le rend quasi incontournable.

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