The debt crisis in Europe is spreading to larger South European economies,and now is entering a new and much more dangerous phase.It will further damage the fiscal stability of core eurozone countries.In the meantime,the crisis has started to take a toll on Europe's banking industry.Possibilities of a systemic financial crisis,sovereign debt default and a euro-zone collapse are increasing.European integration currently faces the toughest challenge in the past five decades.And the solidarity of EU members has been put to the test.