A euro break-up is hard – but not impossible

It is clear that the eurozone will remain an unstable, crisis-prone arrangement unless critical steps are taken to place it on a more sustainable institutional footing," write Simon Tilford and Philp Whyte in a hard-hitting essay for the pro-EU CER. They argue the eurozone has to go part of the way towards fiscal union by means of debt mutualisation, or eurobonds, all members issuing bonds jointly guaranteed by the others. They are also sceptical about whether it will ever happen.