Agree fully with your list for except one thing between Deutsche bank and the collapse of the Euro .... 2014 EMS treaty created a extra judicial banking entity with the power to demand any sum from any member state payable within 7 days ...... In such an environment: who would be willing to cough up the dough and who would collect it? In such a scenario I could see countries fleeing.  Problem is the Target II current account issues. Germany seems to be holding the bag around a trillion. Italy and Spain together make up around 900 billion of being beneficiary.  Something has to give.