Activity

Given that the purpose of going through the palaver of re-creating a lost currency is to devalue it vis-a-vis the currency in people's hip pockets, leaving the euro is tantamount to announcing a major devaluation a year before it happens.

To fill this institutional lacuna, the Maastricht Treaty and its successor treaties created a panoply of non-credible rules to constrain states.

To fill this institutional lacuna, the Maastricht Treaty and its successor treaties created a panoply of non-credible rules to constrain states.

John Major, Britain's prime minister [...] committed his government to shunning 'the soft option, the devaluer's option that would be a betrayal of our future and our children's future'. It was the signal speculators needed, with George Soros famously ahead of the pack, to take the British governme…