Lazard Asset Management provides their review of Europe over the last quarter and what they expect moving forward. "Italian Prime Minister Mario Monti recently claimed there was one week to save the euro. While this may be an exaggeration, we feel it neatly sums up the tensions just below the surface as Europe's existential crisis enters a new phase. Much is changing across the continent, but a number of factors in particular are worth watching, including further action by Europe's political elites and the European Central Bank (ECB), movements in the 10-year government bond yields of Spain and Italy, and company results for the second quarter. Significant movements in any of these areas could indicate a substantial shift in the outlook for Europe, in our view."