• The structural design deficiencies in the eurozone have been papered over by the cyclical tailwinds in the economy and balming ECB action.
• But at the first sight of headwinds, these will reassert themselves with a vengeance.
• Remedial action is already very difficult as it involves a leap forward in European integration for which there is no electorate.
• But things are even more complex as there are two very different narratives ruling the eurozone.

Source: The Next Eurozone Battle Is Shaping Up | Seeking Alpha