There is a lack of trust in the leadership of the Eurozone to take difficult decisions; there is a lack of trust between countries; there is a lack of trust of the banking system, and  BIS central bankers’ speeches  3  the recent revelations concerning Libor fixing and money laundering reinforce that lack of trust; and there is a lack of trust between banks, as evidenced in the dysfunctional nature of the interbank system in Europe.
And as austerity measures bite ever deeper, there are limits to how much the electorate can take. Ultimately, the situation becomes increasingly economically and politically untenable. As the Eurozone crisis impacts increasingly on the rest of the world, it again raises the question that was asked at the beginning of the crisis: can the emerging market economies decouple from the advanced economies?