2015 is going to be rough for Europe, due to unemployment, slowing growth, immigration concerns, and Russia.
The dangers are not the same as 2012. There is no danger of countries being unable to fund their debts. The threat now is of stagnation and deflation.
European officials have warned time and again that the failure to create growth and new jobs risks not just social tension but support for the European project. Currently the economy will not return to its 2007 level until 2020.
In 2015 economic recovery will be uneven. Demand is chronically weak. Germany will remain the engine room of the European economy but will not be the powerhouse it was two years ago
Without the UK, Europe would be wounded, even amputated – therefore everything should be done to avoid it. But it will survive. Without France, Europe – the European idea – would be dead