German Chancellor Angela Merkel (left) and French President Emmanuel Macron hold a joint press conference at the end of the European Council meeting in Brussels, Belgium, in June 2017. The failure of the German-led and the France-led blocs in the euro zone to agree on a reform agenda is a worrying sign. Photo: EPA German Chancellor Angela Merkel (left) and French President Emmanuel Macron hold a joint press conference at the end of the European Council meeting in Brussels, Belgium, in June 2017. The failure of the German-led and the France-led blocs in the euro zone to agree on a reform agenda is a worrying sign. Photo: EPA
German Chancellor Angela Merkel (left) and French President Emmanuel Macron hold a joint press conference at the end of the European Council meeting in Brussels, Belgium, in June 2017. The failure of the German-led and the France-led blocs in the euro zone to agree on a reform agenda is a worrying sign. Photo: EPA
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

The euro is no longer a sure bet if investors connect the dots in Europe

Nicholas Spiro says weaker growth, the lack of integration and the end of quantitative easing spell a less secure future for the euro zone and its currency

German Chancellor Angela Merkel (left) and French President Emmanuel Macron hold a joint press conference at the end of the European Council meeting in Brussels, Belgium, in June 2017. The failure of the German-led and the France-led blocs in the euro zone to agree on a reform agenda is a worrying sign. Photo: EPA German Chancellor Angela Merkel (left) and French President Emmanuel Macron hold a joint press conference at the end of the European Council meeting in Brussels, Belgium, in June 2017. The failure of the German-led and the France-led blocs in the euro zone to agree on a reform agenda is a worrying sign. Photo: EPA
German Chancellor Angela Merkel (left) and French President Emmanuel Macron hold a joint press conference at the end of the European Council meeting in Brussels, Belgium, in June 2017. The failure of the German-led and the France-led blocs in the euro zone to agree on a reform agenda is a worrying sign. Photo: EPA
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.