The euro area has come a long way in the past five years, with the crisis long behind us and leaders now entering discussions about how to further enhance the currency bloc’s stability. Nevertheless, talk of a break-up is never too far from the press headlines. Even so, Fathom’s proprietary indicators suggest that the market-implied probability of any country defaulting within the next five years is extremely low. Furthermore, the risk of contagion also appears to be greatly diminished, with