Europe recovery: Is it all short-term fixes and impossible reforms?

From a structural perspective, Europe does not look appealing

Yet another short-term fix has materialised which will keep Greece in the eurozone (for now), and enable the powers that be to paper over the ever widening cracks.

It will be interesting to see whether this latest crisis will be used to foist 'More Europe', as Chancellor Merkel calls ever closer union on the region's electorate.  In practice, it seems highly unlikely, as it will require nations to cede more powers to Brussels and ultimately (if the eurozone is to have a credible long-term future) the ability to make fiscal transfers between nations. From where we are today, these necessary reforms look well-nigh impossible. So from a structural perspective, Europe does not look appealing.  Furthermore, in local currency terms, in the 12 months t...