It's make up or break up time for the eurozone

But these assertions sit uneasily with the events of the past two years, according to Simon Tilford, chief economist at the London-based think-tank the Centre for European Reform, who warns that a fracturing of the eurozone is almost inevitable judging by current political trends. "Otherwise rational people talk about something 'coming up' or express confidence that policymakers 'will never let that happen … The euro crisis has spun out of control because eurozone governments are unwilling to acknowledge that their policies have an impact on other member states and that this requires a measure of solidarity."