The euro area in 2016: unfinished business

What does 2016 hold in store for efforts aimed at strengthening Europe’s Economic and Monetary Union? Benedicta Marzinotto writes that when compared with previous monetary regimes, the euro area remains unstable and in need of reform. She argues, however, that the lack of political appetite for cooperative solutions implies a sovereign default is possible in Greece this year and potentially elsewhere in the Eurozone.