The European sovereign debt crisis hinders the process of global economic recovery，leading to great volatility in international financial markets and increased risk of a second dip in global economic growth. Currently，the major developed economies generally face huge pressures of fiscal deficits and public debt，and population aging and pro-cyclical effects of financial accelerator will worsen the sovereign debt situation. Therefore，economies with high level of indebtedness should carry out effective and credible medium-term fiscal consolidation plans as soon as possible，in order to ensure sustainable growth，and to achieve a smooth global economic recovery.