EU is split over how to prepare for euro crises to come

"It's positive that the eurozone didn't break up," said Simon Tilford, deputy director of the CER in London. "But there are still major fault lines that have not been fully addressed. Europe is by no means out of the woods."

"There is a risk that the eurozone recovery could stall as the rate of growth in the global economy slows," Mr Tilford said. "If that happens, nothing that has so far been agreed to in terms of governance reforms for the eurozone is going to help."