The markets may test the eurozone to destruction unless there is a political solution to the crises afflicting eurozone nations, crises of debt or liquidity or both. Throughout the eurozone's problems politicians have displayed singular lack of ability to keep up, never mind get ahead of them (or to use current parlance: they have remained behind the curve).
Belatedly there is recognition by politicians that a common currency has to have political and fiscal mechanisms in place to manage it, it cannot be left to the capriciousness of the decisions of individual nation's parliaments. Will the politicians be able to agree new mechanisms and gain the approval of the parliaments of each country before the eurozone is shaken to destruction? The omens do not look good as markets will not wait months for agreements to be sealed.
Whilst this structural change is being mulled over there is the immediate problem of how to protect the eurozone. Political initiatives so far have proved useless - remember the EFSF? I await with interest to see who pulls the next dead rabbit out of the bag.
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Today's bad news: