Robert Wood, chief U.K. economist at Berenberg, tells CNBC the euro zone is in "for a tough ride", but that current problems in Cyprus and Italy do not undermine fundamental changes going on in Europe, and argues the biggest risk to the region would be for outgoing Italian Prime Minister Mario Monti's reforms to be undone.
Natascha Gewaltig, director of European economics at Action Economics, Natascha Gewaltig, director of European economics at Action Economics, says there will be no structural reforms in Italy until electoral reform has gone through and argues that a return of Berlusconi would have a negative impact on markets.