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A serious global slowdown looks likely in 2012 – or, at least, that’s the way conventional wisdom is shifting. The eurozone, of course, remains the epicentre of world-wide angst, its debt crisis threatening to cause havoc across an economy about the same size as that of America. Eurozone sovereign yields eased slightly last week, but massive questions remain.

Will the “Merkozy” plan work? Will Germany print money? Will monetary union be slimmed-down in a relatively ordered manner, with some smaller countries leaving? Or will the entire structure collapse, the Pan-European edifice crashing down amidst chaos and recrimination? No-one knows. But the stakes are now so high, and the doubts so acute, that just the threat of a “euroquake” has brought the global economy, in the eyes of some, to the brink of recession.
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