It has been a bad year for the European Union. From a pro-EU perspective the fact no country has left the eurozone is regarded as something of a triumph. But at what price? The EC/ECB/IMF demand for austerity has swept through southern Europe. Technocrat government has been imposed in Greece and Italy and these nations along with Portugal, Spain and Cyprus have seen massive civic unrest at austerity measures bite.
Will 2013 be any better? The totemic euro may be saved, but the volatile mixture of austerity and recession will take its toll, particularly on those calling for ever closer political and economic union.