Ten years ago, in the run-up to the launch of Europe’s single currency and in its aftermath, Euromoney journalists used to play a rather childish game with European politicians, central bankers and regulators.
We would always ask them what fall-back plans were in place for an eventual break-up of the single currency. The joke was that they could never admit to any such possibility. There were no plans… because it could never happen.
Euromoney could devise plenty of circumstances in which various countries among a group whose economies were prone to boom and bust on separate cycles would want to escape from the constraint of a single interest rate and a currency that could not be devalued.
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