The last decade has been a very difficult one for the Eurozone. There is little let up in the disappointing news with negative last quarter German and Italian GDP growth being the latest example, as the ECB has lowered growth forecasts for 2019. QE may be winding down but with 10 year German Bunds yielding 13bp it is hardly a picture of normality. This note examines the structural challenges facing the EU and we conclude that while disintgration is unlikely without major reform the Eurozone will continue to underperform other regions. A copy of the note is available on request.