In an effort to contribute to analysis of the European debt crisis, the Peterson Institute for International Economics and Bruegel, the Brussels-based economic policy institute, held a conference on September 13–14, 2011, to examine policy alternatives confronting European leaders and international financial authorities. The first day of the conference concentrated on the broad political, economic and legal challenges to the stability of the euro area. On the conference's second day a strategic decision-making game was played by about three dozen experts representing governments, banks, and political circles, as well as key institutions (European Central Bank, International Monetary Fund, G-7, G-20). No currently serving public and international officials were included, but many of the attendees were former officials, academics, market participants or others with experience in financial and crisis matters. The game drew on many of the insights reached in the earlier discussions and presentations.