Very clearly put - Europe's future

This is a great, simple analysis of the future of the euro. We seem today, fortunately, to be moving up the scale. I would put us somewhere around "The euro remains the euro" with the ECB starting, cautiously to recognise the need to monetize debts.

Of course the whole thing hitches on the proposals by Germany to have rigorous fiscal rules to prevent future casinos like the uncontrolled debt of Greece, Portugal etc (The PIGS). Once these rules are signed and in place in the laws of every euro country, then this is a step to fiscal harmony and the ECB can take another step towards being the bank of last resort.

But what remains is not such huge debts of sovereign countries (although bad enough in places) but the huge debts of banks - especially the UK.