Gone are the days of Europe optimism, when the Euro was hailed as the boldest step in the process of Europe’s political integration. Nowadays, the defence of the common currency is mostly based on a gruesome description of the likely consequences of the Euro break up.

It is obvious that something went wrong in the original design of the common currency and in its day- to-day operation.

Now, the question is: can the Euro survive? For how long?

Are significant changes needed to make it viable?