Wednesday 7 December 2011

The lamps are going out all over Europe - if we let them

Yes, a new European treaty that will enforce effective fiscal union may save the euro - and save our economies for a while.  Certainly the alternative is a frightening prospect.  But the consequences of tightening the euro screw in the euro zone may also be terrifying and far-reaching, because - although a common European currency is a civilised and importat idea - a single currency was always a flawed concept:

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