The euro will survive, says Commerzbank

Europe’s debt crisis is not necessarily a euro crisis, argues Commerzbank while on a roadshow to Asia, but it raises some tough questions.

Rumours of the euro’s demise are premature, according to Commerzbank, which toured Asia last week to give clients its views on the future of Europe’s currency union.

The bank’s message was mostly upbeat in the end, Germany will not let the euro fail but it also highlighted some fundamental challenges facing the eurozone project. The biggest of these is that its member economies are no longer moving in sync. The German economy is driving ahead at around 3%, while huge debts are holding back growth in Greece, Ireland, Portugal and Spain.

Indeed, Greece is still in outright recession and industrial production in both Spain and Portugal haven’t improved since the depths of the...

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