The World economy was showing real signs of recovery from the devastating impact of the 2007/08 global financial crisis, when a second crisis struck in 2010. The Eurozone crisis is not just a regional problem. It is having a dramatic impact on real output and employment in Europe, but is also having a chilling effect on world trade. Despite recent measures to stabilise the debt position of a number of member countries, the crisis is far from resolved. This Lecture will address the origins of the Eurozone crisis, its economic impact, and policy interventions aimed at stabilizing the single currency. Possible end games, which range from exit of one or more currencies and a collapse of the monetary union, through to full fiscal and monetary union, will be explored. All plausible outcomes will have consequences for the world economy and harbour the potential for very real disruption to world trade and capital markets. Professor David Greenaway is the sixth Vice-Chancellor of The University of Nottingham, which has over 34,000 students and a further 10,000 students at full campuses in China and Malaysia. Professor Greenaway, an economist, was Chairman of the Armed Forces’ Pay Review Body from 2004 until 2010. He was also a Member of the Senior Salaries Review Body 2004 to 2010. He has consulted to the World Bank, the OECD, the European Commission, the United Nations, and HM Treasury. His research interests are in international trade and cross border investment. He is Managing Editor of The World Economy and has served on three national Research Assessment Panels (chairing two) for Economics and Econometrics; served on the Council of ESRC; and on the Council and Executive of the Royal Economic Society. He has published more than 150 scientific papers, and authored or edited 40 books. This lecture is presented by the Arndt-Corden Department of Economics at Crawford School of Public Policy at The Australian National University.