Fate of millions relies on eurozone balancing act
Over the past year, the eurozone has been scratched badly by a bear (Russo-East Ukrainian in origin) while, at times, it has looked as if key parts (such as Catalonia) could start dropping off altogether. A couple of years back, people (the financial markets) almost stopped feeding her, but then a kindly Italian called Mario held a whip-around and the eurozone got plenty of food.
From autumn 2012, the eurozone crisis abated following the pledge by European Central Bank president Mario Draghi to “do whatever it takes” to prevent a meltdown in the sovereign debt markets. Draghi has not had to follow through on his pledge, but the long-awaited recovery in the eurozone largely petered out.
