Treasurers are no strangers to currency volatility—the events of 2008, when volatility hit unprecedented highs, still feel very recent to most in the industry. But while volatility in the currency markets has generally subsided since then, the prospect of a euro breakup is keeping this topic uppermost in treasurers' minds.

"Whilst we haven't seen extreme moves in many markets—euro/dollar has been fairly volatile, but volatile within a range—the concern is what might happen going forward," says Ross Niland, managing director at J.P. Morgan. "There is an increased focus from corporate treasurers as to where volatility may bring things, as opposed to how volatile the markets have been."

While many believe the euro will survive in its current form, the prospect of what could happen in the event of a breakup is nevertheless a widespread concern.

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