We are well past a typical 42 month economic cycle and an economic slowdown and a counter-cyclic increase in inflation in the US and UK make interest rates rises likely. This will lead to a much needed up to 30% fall in shares, property and other assets with a market correction. The US will be fine, the UK okay apart from probably RBS, and the brown stuff will hit the Euro fan. US banks have purged their 2008 bad loans, the UK banks mainly have, apart from RBS and the Euro banks, have swept it under the carpet, unfortunately the carpet is now revealing the bones from Deutsche bank, several Italian banks, not yet for Spanish ones, but France and Belgium have some near the edge, and don't mention the Greeks!
This will probably lead to a Euro put up, all in, integration scenario or break up. Politically, all in, means Capital Transfers (which without the flexibility of variable exchange rates you must have) from richer to poorer states and Sovereign Debt pooling. We have both in the UK for the pound currency area. UK Gilts cover England, Scotland, Wales and Northern Ireland. We use the Barnett formula and similar arrangements to transfer money from England to the other poorer areas.
In the Euro area capital transfers means from the rich North West and Central Euro zone countries to the poorer Eastern and Southern ones and currently doesn't happen, as a result the economies or the rich and poor ones have diverged Member states are currently responsible for Sovereign Debts they need to be pooled so every country is equally responsible for them. It would be political suicide for any German politician to agree to Capital Transfers and Sovereign Debt pooling, which is why it has been robustly rejected and they will continue to do so, which leaves the only other option failure.