FT.com / Difficult Choices Still Facing EuropeComment: What Mohamed El-Erian is suggesting is a targeted approach by the ECB, IMF and the stronger EMU countries. The markets reacted with great vigor after the nearly $1 trillion pledge by the three aforementioned entities because a backstop now appears to be in place for less solvent countries such as Greece and Portugal. However, it was only a matter of days until the Euro began to decline against the US dollar and global equity markets to turn South,because the approach that will be taken with the new money pledged has thus far been unspecific. Though it will be difficult, a targeted approach will ensure not only that the ECB and IMF retain their integrity but it could also give the Euro area the best chance of emerging from this debt mess as a stronger economic region. A blanket bailout that allows the banks around Europe to shift their long term liabilities onto the balance sheets of the central governments could not only damage the reputation of the ECB and IMF but significantly harm the countries with stronger balance sheets.