Sticking together : the future of the Eurozone

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      <subfield code="a">Sticking together</subfield>
      <subfield code="b">: the future of the Eurozone</subfield>
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      <subfield code="a">Over the past few months, and more precisely since July 2011, the Eurozone crisis has escalated. The initial impact was on the financial  markets, where government bond spreads, especially in, but not limited to, the socalled peripheral countries, reached previously unimaginable levels. Bank funding had been under severe stress for some time, and had leapt up to levels close to those during the Lehman default of September 2008. During summit after summit, European leaders had fallen short of delivering credible solutions to contain, let alone solve, the crisis. And indeed, in November, even politicians acknowledged that a breakup of the Eurozone, in whatever form, could no longer be excluded. In this context, Eurozone breakup scenarios have become en vogue and it is high time that we too put in our bid. This report starts by describing the current crisis and its background. Then we discuss the likelihood of a Eurozone breakup in some detail, as well as what to us is the more likely Sticking Together scenario. Our report also offers an overview of events since the Lehman default. In short, it aims to provide the reader with an overview, in-depth analysis and a likely future path of development</subfield>
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