In a note authored Astrid Schilo of Exane BNP Paribas on the politics and disfunction of the Eurozone, this drawing is shown to describe the current situation. This is really the story of the year in a nutshell. The ECB has done an extoardinary amount of work in 2012 establishing itself as a real monetary authority that has the power to backstop the entire financial system (as exists in England, the US, and Japan).