Austerity protests may curb eurozone reform

"The danger of social protest is real but more subtle," said Charles Grant, director of the Centre for European Reform think tank. "I don't think it will lead governments to fall, but it is changing the intellectual climate in Europe to make further moves toward market liberalisation less likely, and hence the long-term stability and survival of the euro less likely ... Social protests reflect a shift in the Zeitgeist (mood of the age) that will damage economic efficiency and productivity and lead to slower growth in Europe," Grant said.