The European rescue measures for Cyprus have once again shown that the euro zone is not a community of friends – rather, the rescue plans seem far more to be an expression of short-term individual interests. The idea of making private savers contribute to the costs may make sense from a populist point of view, but it makes no economic sense whatsoever. Within this context, we will be using this newsletter to address the issue of friendship between states (logic of collective action) and to consider whether friendship needs a tighter organisational framework or should, in fact, be organised in a more liberal manner. Our assessment will be based on ten aspects that we deem to be the essential "lessons learned" over the past few weeks, or the existential questions that we will have to deal with in the future. In the spirit of true friendship, we remain optimistic as far as the concept of Europe is concerned, but are also realistic about the expected adjustment processes in the financial markets.