The Euro crisis is not over. The post-election government in Germany will have to deal with a likely third Greek bailout, flagging support in France and Italy for labor and product market reforms, and an increasingly unfriendly domestic reception for further bailouts and debt relief. In particular, German public frustration has been growing with the European Central Bank (ECB), which has intervened massively to stabilize the financial system in the Euro area and has conducted a number of unusual measures in this role. The ECB's controversial commitment to purchase public debt on the open market (the OMT Program) was even challenged in the Constitutional Court. However, the ECB has yet to buy a single bond since the OMT program was implemented, and the decline in interest rates has given crisis countries additional breathing room to adjust and reform. Many critics believe this time is being squandered. Panelists - Prof. Michael Burda, Humboldt-University of Berlin - Prof. Jörg Rocholl, President, ESMT - Prof. Hans-Werner Sinn, President, Ifo Institute Moderator: Paul Heidhues, Professor, Lufthansa Chair in Competition and Regulation, and Director of PhD Studies, ESMT