The unloved and unaudited eurorats who manipulated the negotiations that led to the foundation of the Euro knew that they were basing the whole structure on two lies.
One was the untruth that all the original member countries had 'converged' sufficiently in their economic performance for the currency to be able to work. It was stressed in large portions of the press at the time that the data were more-or-less heavily 'massaged' by several governments, including most of the those in southern Europe. Greece was the most outrageous liar, but the spivs wanted the eurozone to be as comprehensive as possible from day one; so the lies were accepted. The eurozone has lived with the consequences of that acceptance ever since, and the recent Greek upset is only a stage in the unravelling of the skein of untruth.
The other lie was the assertion - in which all of the EU joined - that it was possible to have monetary union without economic union. This allowed national governments to maintain their own divergent economic policies, and to continue falsifying key statistics. The Governor of the Bank of England spelled this out in Ireland yesterday, though Ireland has tried conscientiously to implement agreed policies, once the myth of the 'Celtic Tiger had duly been buried.
It is a universal truth that your lies will be exposed; equally true is the proposition that the conscious acceptance of lies, as north European governments did in the euro negotiations, will come back to embarrass you.
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