With the euro-zone debt crisis ending the year much deeper and broader than it started it, it seems unlikely that the next 12 months will see a repeat of the (just about) “muddling through” process seen in 2011. Rather, 2012 looks like being the crunch year for the euro-zone. Either the policymakers will step up their efforts and finally produce the much-promised policy “bazooka”, or the crisis will come to a head and the euro-zone will cease to exist in its current form. For now at least, we think that the latter is more likely than the former.
The next edition of the European Economics Weekly will be published on Friday 6th January. Capital Economics’ offices will be closed for the holidays from Saturday 24th December and will reopen on Tuesday 3rd January. We wish all our readers a Merry Christmas and a Happy New Year.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.