Peter Mandelson, the Labour party peer and former European Commissioner, has warned Europe is facing not one but four crises which policymakers must tackle.
Greece is set to receive a further €8bn of bailout cash from the troika - the EU, IMF, and ECB - in early November, buying it more time to avoid a hard default.
Former Prime Minister Sir John Major has told the BBC Europe must recapitalise its banks and Greece "needs to default" on its debts, to help bring an end to the eurozone debt crisis.
The European Central Bank has held rates at 1.5% despite mounting pressure on policymakers to resolve the sovereign debt crisis.
Cazenove's European fund manager Chris Rice has said he expects policymakers across Europe to stand firm and keep the eurozone intact despite growing expectations parts of it will break away.
Leading UK asset managers have warned against the implementation of a new tax, which could be imposed Europe-wide on all financial transactions.