Central Banking

Of currencies, crises and completions

In all the best fairy tales, the birth of the beautiful baby princess is accompanied by three fairy godmothers bearing gifts. The godmothers and their various gifts form the framework for the subsequent story, as the princess grows up and lives out her destiny. So too, the birth of the Euro was accompanied by three gifts - but in this case they were rather different. They were a "problem", a "secret" and a rather "tall tale".

The problem is simply put. The ambition of the founding fathers of the