Sweden's fourth biggest bank, Swedbank, said that more firm political leadership is needed in order to fix the economic crises and save the euro. 

"In order for the currency union to survive, it is crucial to strengthen the political leadership in the euro area, as well as in the EU", the bank's chief economist Cecilia Hermansson said in the e-newsletter To the Point.

"Also in the US, Japan, the WTO, and the UN, the leadership deficit is noticeable. The question is: Are the leaders weaker than normal, or are the tasks more challenging than ever?"

Hermansson said that the origin and solutions of the crisis have more to do with political science than economics.

"What the euro area lacks are the institutions needed to stabilise the economy and manage the banking and public debt crises stemming from weak competitiveness and budget discipline in many of the member states", she said.