Euro’s failure could change global future

ANY eurozone failure would send shock waves around the globe, shifting the balance of geopolitical power and perhaps prompting a fundamental reassessment of what the world’s future might look like.

According to EU sources, officials of France and Germany have held discussions on a two-speed Europe with a smaller, more tightly integrated eurozone and a looser outer circle.

With European leaders still struggling to find a credible response to the crisis, the prospect of one or more countries leaving — and effectively defaulting on their sovereign debt as they do so — is seen to be rising by the day.