Spanner in the works


Some of the things that could throw a spanner in the works include too early/too high interest rate rises and quantitative easing, over-eager regulation that is ill thought-out and incoherent, the threat of sovereign default and another major banking crisis, this time in China.

First, interest rates. The eurozone may think it has made a soft landing out of recession but this could prove illusory. The recovery may be real and sustained. However, there are quite a few pressures on the zone that cou