Some would contend the crisis reignited protectionist tendencies, especially in emerging markets.

CNN: WTO: Emerging markets get the nod

Bond markets, which have for 12 months tried to price the risk of a eurozone breakup, now have to calculate the possibility of the breakup of the Spanish state - for secession in Barcelona would surely prompt centrifugal tendencies in the Basque region, and exacerbate the fiscal crisis in the poorest regions.

BBC: Catalan leaders seek independence vote, legal or not