One last thought: Although the Roach-Frankel duo went on to address currencies and exchange rates, the two never got to a basic risk factor in the current fragile period: What if the U.S. dollar, under the weight of private and public misallocation of resources, were to collapse?

FORBES: Deficits hinder investment? 'Ludicrous'

While fragile, intangible cultural heritage is an important factor in maintaining cultural diversity in the face of growing globalization.

UNESCO: Intangible Cultural Heritage

With inflation already likely to have peaked and with the ECB predicting a return to beneath the 2% target ceiling the policy adjustment process is becoming less of a factor, while one good shock is all it might take to unsaddle already fragile European confidence that could derail the euro once more.

FORBES: After ECB's Rate Hike, Euro Weakens On Stress Test Warning