In candid recognition of the futility of prediction, Sir Mervyn King, Governor of the Bank of England, last week admitted that he couldn’t tell us what would happen tomorrow, let alone next month. Just so: anyone who says they know how the eurozone crisis is going to play out is talking poppycock. But what can be said is that the single currency is proving a more profoundly destabilising force in Europe – economically, financially and politically – than anything that has occurred since the Second World War.
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