The euro is a political construct that has been flawed in design and execution from day one of its sorry existence. The Greeks know that; they have just been downgraded by Russell to emerging market status. In Spain with youth unemployment at 55% Catalonia has taken the first steps towards succession and ominously General Juan Antonio Chicharro, until 2010 commander of the Marine Corps, has opined that "What do the Armed Forces do now?" he gave no answer but the inference is quite clear. In Italy the populace has had enough of the German insistence on austerity. Their choice of politicians is, after all, their choice and if they want to live as Italians in a sub optimally run country then good for them.

David Fuller's view Not for the first time, the Eurozone is the global economy's weakest link among developed economies. Fortunately, the ECB is currently run by Mario Draghi, one of the smartest and politically able central bankers in Europe. However, his task is daunting - herding disgruntled cats with a carrot and stick approach. It has saved the euro, so far, but at a political and economic price, and the prospects for Euroland's GDP growth remain uncertain.

Mr Draghi is more optimistic (see below) and I hope he is right.