So what makes the situation of the euro area at this early point of the climb a crux? In my view there are two particular features of a crux: First, a crux is a difficult passage of the climb with various pitfalls that the mountaineer must master in order to arrive to the summit.
If the climber cannot pass the crux, she or he must take a long and exhausting detour. The second feature of a crux is that it is situated in exposed terrain. Hence, the climber has to take appropriate safeguards and rope up to reduce the risk of an accident.