Under the impact of the world financial crisis, the financial and debt problems accumulated over a long time in Europe had been ultimately transformed into a sovereign debt crisis, which may be further intensifying. In order to tackle the crisis, the EU put forward a package plan to strengthen its economic governance, which provides a credible medium to long-term framework for reforming the financial and fiscal sectors and the other areas of macroeconomic policies. However, whether the European economic governance could pull Europe out of the debt crisis will depend on a number of other factors. <<