Its always interesting to hear some great thinkers discuss issues in this format. This meeting brought together Jeffery Sachs, Gillian Tett, and Hugh Hendry.
I believe Hugh gets it right: Europe needs to let the banks that made bad decisions fail.
Towards the end, though, Hugh discusses imposing stricter legislation on banking dividends, and this is where I think he misses the mark: If banks are allowed to fail, they are not going to arbitrarily raise their dividends to boost their stock price, something that only makes sense if you are going to get a bailout.