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What really caused the eurozone crisis? World leaders probably spent more time worrying about the eurozone crisis than anything else in 2011. And that was in the year that featured the Arab Spring, the Japanese tsunami and the death of Osama Bin Laden. What's more, 2012 looks set to be not much different. But as eurozone governments hammer out new rules to limit their borrowing, are they missing the point of the crisis? Follow the path to find out. The eurozone has agreed a new "fiscal compact" Eurozone leaders have agreed to a tough set of rules - insisted on by Germany - that will limit their governments' borrowing each year to just 3% of their economies' output. This is supposed to stop them accumulating too much debt, and make sure there won't be another financial crisis. But didn't they already agree to this back in the '90s? Hang on a minute. They agreed to exactly the same 3% borrowing limit back in 1997, when the euro w

Estonia: The muted revival of a Baltic tiger   By Jon Bithrey Business reporter, BBC World Service   Estonia is the euro's newest member and also has the eurozone's fastest growing economy Most European leaders would be delighted if their economy was growing as fast as Estonia's. The small Baltic state's economy is forecast to have grown by 8% during 2011, according to the EU's official statistics body. That's more than five times faster growth than the European Union as a whole. But Estonia is still regaining the ground it lost during a financial crisis that struck it and its Baltic neighbours in 2008-9, when a property bubble burst spectacularly, causing the economy to shrink and unemployment to rocket to 18%. And with the eurozone crisis still unresolved, the renewed growth could slow once again. 'Superficially better' In the inauspicious offices of an employment agency j

Outsider Switzerland feels Europe's pain By Imogen Foulkes BBC News, Zurich Economists suggest the Swiss outlook is not as rosy at it might seem at first As the crisis in the eurozone continues, many Europeans are wondering whether the single currency, and even the European Union (EU) itself, were ever really good ideas. Some are looking towards Switzerland, which has stayed out of the EU and the euro but maintains close ties with Brussels, as a better example of how to protect the national economy while still enjoying the benefits of Europe's trade markets. The Swiss continue to enjoy high salaries and a high standard of living and Switzerland's major cities regularly make the top ten list of best places to live. What's more, Switzerland's welfare and social services remain relatively generous, with little sign of the austerity measures currently being introduced in many EU member states. But Swiss econo

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Hackers plan space satellites to combat censorship   By David Meyer Technology reporter   50 years after Russia's first piloted mission, hackers plan to send their own people beyond orbit Computer hackers plan to take the internet beyond the reach of censors by putting their own communication satellites into orbit. The scheme was outlined at the Chaos Communication Congress in Berlin. The project's organisers said the Hackerspace Global Grid will also involve developing a grid of ground stations to track and communicate with the satellites. Longer term they hope to help put an amateur astronaut on the moon. Hobbyists have already put a few small satellites into orbit - usually only for brief periods of time - but tracking the devices has proved difficult for low-budget projects. The hacker activist Nick Farr first put out calls for people to contribute to the project in August. He said that the increasing threat

A Point of View: Dazzling in an age of austerity     Stylised buttons show the wartime regulations were being followed History often harks back to dazzling moments rather than day-to-day drabness, argues historian Lisa Jardine. 2011 will be remembered as the year that ushered in a new age of austerity. From 4 January, when VAT increased from 17.5 to 20%, we all felt that little bit less well off, and things got worse as the year wore on. For my generation, "austerity" is a word with a very particular ring to it, permanently associated with the rationing regulations introduced during World War II. Sweet rationing did not end until 1953, and I have intense childhood memories of my mother counting out our scanty sweet allocation from a biscuit tin on the kitchen draining board once a week. It is probably why I am also of the generation that has an irresistibly sweet tooth to this day. A Point of View is on Fridays on Radio 4 at 20:50 BST