Politics poses biggest risk to euro zone endurance

French students hold the European flag near the Bastille as they participate in a demonstration to protest against the results by France's far-right National Front political party in the European election in Paris May 29, 2014. REUTERS/Philippe Wojazer

PARIS (Reuters) - With the euro zone bond market back to irrational exuberance and economic growth returning slowly if unevenly, politics rather than economics now poses the biggest threat to the long-term endurance of Europe's single currency.

Widespread anti-EU protest votes in last month's European Parliament elections will make it harder for many governments to pursue deficit-cutting and structural economic reforms or to deepen the integration of the 18-nation euro area.