Looking at the inconclusive governance debate, this chapter argues that the euro crisis was a great chance missed, in that respect. Instead of governance reform, the euro area rewrote the SGP rules through the so-called ‘Six Pack’ legislation. The chapter also treats the first, timid German attempts at embracing debt restructuring and a more forceful initiative by the IMF to that affect. It describes how the temporary bail-out fund was made permanent and how the results of a comprehensive banking stress test came to bear on the process.