As for the single market, the E.U.'s landmark achievement, there is no question that a euro zone breakup would severely disrupt its operation in the short run.

Across the continent, political divisions are deepening. For all of these reasons, the specter of a euro zone collapse has not been dispatched.

The 1992 crisis proved that the existing system was unstable. Not moving forward to the euro would have set up Europe for even more disruptive crises.

The consequences of a collapse would not be pretty. Whichever country precipitated it - Germany by threatening to abandon the euro, or Greece or Spain by actually doing so - would trigger economic chaos and incur its neighbours' wrath.

Right now is the wrong time to disrupt any part of FEMA's operation, ... I'd like to know who's going to take responsibility for this move.

The market continues to focus on the lack of yield in the euro-zone, keeping the euro on the defensive.