“..So the EU has a choice. It can bow to the fait accompli of Italy's revolt and allow Rome to let rip with fiscal reflation. It can accept that the euro has slipped German control, and that EMU is henceforth a lira-zone on Club Med terms. In which case Germany may leave.
“Or it can pull out the thumbscrews, the pillory, and the rack, working day and night to overturn Italian democracy. If this succeeds, it can only be at an extremely high political cost. But it might not succeed. In which case Italy may leave, taking Spain, Portugal, Greece, and much of the German banking system with it.
“In a dysfunctional monetary union, you pick your poison.”
- Ambrose Evans-Pritchard, The Daily Telegraph, 24 May 2018, ‘Juncker’s ‘torture tools’ are useless against Italy’s well-armed uprising’.
A few months ago, a publisher and bookseller kindly sent us “a little gem of a book”: ‘The Making Of The €uro’ by Claudio Hils, a somewhat humourless coffee table hardback redeemed by one or two beautiful photographs of printing presses and hologram foil security patches. Recounting, as it does, the literal making of the euro, the book already feels somewhat ossified, frozen in and by history. That time has marched on can be seen from the rather hubristic foreword by Dr. Jürgen Linden, Lord Mayor of the City of Aachen..
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