Could the credit crunch destroy the Eurozone?

Anybody who believes the Eurozone is immune to the havoc created in the Anglo-Saxon economies by the credit crunch would do well to look again. Recent figures suggest the outlook for the EU-15 is poor - and if one factors in weakness of the Eurozone's economic governance, the outlook is positively grim.

This week marks the first anniversary of the credit crunch, the moment when it dawned on bankers that the US$12 trillion mortgage market was in meltdown and that an unknown fraction of t...