Many argue the euro zone's survival now depends on rapid moves towards full political and fiscal union, with a single European banking supervisor, a common deposit guarantee fund and resolution fund, a central European treasury operation and common issuance of bonds a formidably high hurdle.

WSJ: Nobel Prize for EU an Inspired Decision

Second is the security of a Lloyd's policy: all members guarantee one another's claims by paying into a central fund.

ECONOMIST: Lloyd??s of London