Germany's Merkel is getting us all worried about the Eurozone again

Silence is golden, so they say, and this certainly seems to have been the case for the troubled Eurozone in recent times.

Since the summer of 2012, when its central bank governor Mario Draghi promised to do “whatever it takes” to save the currency, there has been less paranoia surrounding the bloc.

Things have quietened down, with less shouting and an apparently dimming prospect of another loud crash. Arguably, the Vicious Cycle Of Euro has been broken...


But beware, investors – for the Eurozone is not out of the woods yet.

Or at least not according to German Chancellor Angela Merkel, who knows from her own winter holidays that you can be serenely coasting along one minute, only to endure a sudden and harmful fall the next.

The current sense of calm could be deceptive, Merkel said today in her state of the nation address at the Bundestag, warning that the crisis is “not over yet”.

“A quantum leap is needed to emerge stronger from the crisis,” she insists.

So what can we expect to see – a solid banking union, permanently lower deficits, serious labour market reforms? It’d make a change from the usual can-kicking.