The Eurozone in 2012: 'Whatever It Takes to Preserve the Euro'?

This article takes stock of key development in its review of the eurozone for 2012. Section I discusses the eurozone's poor economic performance and Member States' attempt to promote recovery through a new growth compact. Section II focuses on the ECB's change of heart over bond purchases and notes a controversy with the European Parliament (EP) over a lack of gender balance in appointments to the Bank's executive board. Section III evaluates the European Systemic Risk Board's ESRB) emerging approach to financial supervision. Section IV looks at economic policy co-ordination in the eurozone and asks what difference the Six Pack made to macroeconomic surveillance in 2012. Section V explores the eurozone's interaction with selected international financial institutions in 2012. Section VI discusses running repairs to European monetary union's institutional architecture including the entry into force of the Fiscal Compact and the European Stability Mechanism Treaty and emerging plans for European banking union. Adapted from the source document.