An occasional paper published by the European Central Bank (ECB) discusses the many dimensions of the sovereign debt crisis and says there is a path out of the crisis, even if it is "long and strewn with obstacles".

Francesco Paolo Mongelli, who authored the paper, The Mutating Euro Area Crisis: is the balance between "sceptics'' and "advocates" shifting?, says the crisis has been a "catalyst for change", even though it highlighted many flaws with the economic and monetary union. "It cannot be