Quote of the Day

From here:

Why did anyone ever think that 17 disparate countries, with different economic cultures, different work ethics, different industrial bases and different standards of living could ever adapt to a one-size-fits-all currency?

Why did they ever think a single currency could work in 17 different countries with 17 different finance ministers, 17 different tax systems, and 17 different economic policies? Why did they think it would work when country after country – including significant ones such as France and Italy – repeatedly flouted the rule forbidding them to run deficits of more than 3pc of their GDP, and nobody punished them?

Amen.

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