Not for the first time we hear the two words “comprehensive solution” emanating from a European summit. Leaders must now show that they can match the grandiloquent fa?ade with the scaffolding needed to hold their crisis management strategy together.

The heads of government largely accomplished the three things on the agenda: renew their approach to the Greek problem; direct the eurozone’s rescue fund to prevent market panic engulfing other countries, notably Italy; and shore up Europe’s banking system. How they will do this is what matters.

By far the most decisive action was over Greece. A debt exchange in which Greek bondholders will take much deeper writedowns than previously proposed in return for bonds backed by European money gives Athens and the eurozone a fighting chance of persuading markets that the worst is soon over. Permanent on-the-ground surveillance, taking the place of intermittent inspections, improves the prospect of Athens’ adjustment programme coming back on track.