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.
The process of defragmentation As a first encouraging step forward in the climb out of the crisis, we see that fragmentation of financial markets in the euro area has come down significantly since its climax in the early summer of 2012.