SMU adjunct faculty member Joergen Oerstroem Moeller commented on the euro-zone crisis. He noted that three years into the crisis, Europe seems to have bitten the bullet and found a path to reforms that could allow the euro zone to maintain its social welfare state, albeit modified. Prof Moeller explained the crisis and the actions taken to contain it, and noted that the focus shifts now to momentum for ongoing policies to reform and restructure economies of southern Europe and France, introducing a more flexible labour market, higher geographical mobility, more technology-driven industries, and an improved banking system, all at a European level. Judged by recent performance, Prof Moeller said that chances are Europeans will pass the test.