"A system is only as strong as its weakest point. Reinforcing one link in the chain exposes the vulnerability of the next. The euro zone is now so fragile in so many places that if the single currency is not to break apart, Europe must set about redesigning the system as a whole. The European summit on June 28th and 29th is a test of whether the euro zone’s leaders will be capable of that Even though some of the wiser ones are now hatching plans for a banking union and for intervening directly in government-debt markets, the evidence so far is that the task is still, alas, beyond them."
Read : http://www.economist.com/node/21557336.
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