The future of the euro was thrown into doubt recently as a result of the ongoing eurozone crisis, but it now seems like the single currency is going to survive.
Keith Wade, chief economist at Schroders, explained that peripheral bond spreads have helped to create "breathing space" for the euro in the last couple of years.
But he still noted there is action needed in order to ensure the euro can survive in the future.
"As the euro crisis has evolved, it has become increasingly apparent that Europe makes progress through a series of crisis," said Mr Wade.
He added a non-negotiable line is drawn in the sand from a bargaining position at times of economic crisis, such as those seen across Europe in the last few years.
Following the release of the minutes of the latest meeting of the Bank of England's Monetary Policy Committee on April 17th, the sterling dropped to a month low against the euro. However, in the week since then the pound has started to recover against the single currency.
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