Axel made very clear that the data indicate that the euro is close to collapse, while the euro has significantly damaged since mid 2011, the euro zone isn't what professional economist calls an "optimal currency area". In other words, it was a bad idea. Its special members are different enough that they must have special financial policies. But they don't. They have the ECB setting a separate policy for all 17 of them. That's a certain problem for Europe now, and the ECB isn't helping them out.
The role of the European central bank is to stabilize the system, not necessarily to guarantee good outcomes for every citizen within it. To the extent that the economies of the U.S. and Germany remain stable, we should expect the structural integrity of the global financial system to stay intact.
Knowing this fact, the euro crisis is coming sooner or later, and, sorry world, this would happen. Now, its long periods of crisis have gotten a bit longer, and its moments of sheer financial terror a bit less scary ever since the European Central Bank (ECB) assured to do "whatever it takes" to save the common currency. But, as Cyprus and Slovenia show, the battle for the euro isn't finished yet. Not even close.
It's not sustainable to have monetary union without having a big risk, and is not going to work in Europe. The economies are growing at different rates (and some are shrinking). What is more likely is that either the richer less indebted countries may bring in a second 'single currency' for themselves and leave those still in the Eurozone to it or some countries such as Greece may be forced out of the euro to go back to their old former currency.
