Magazine article The Spectator

Next Test for the Euro - Will It Prove to Be Worth the Paper It's Forged On?

Magazine article The Spectator

Next Test for the Euro - Will It Prove to Be Worth the Paper It's Forged On?

Article excerpt

Lenin was transported across Europe in a sealed train - like a bacillus, Churchill said - and now it is time for the euro. Mysterious trains, unidentified in the working timetables, have been rumbling through the night to unspecified destinations. They are whispered to contain the notes and coins which will burst upon a continent when the new year comes. Watch the wall, my darling, when the euromen go by. At the European Central Bank, Wim Duisenberg, whose promises to pay they are, chose this week to put them on show. He will excuse me for saying that they look more like the sort of meta-currency coupons and tokens once handed out at petrol stations. The Turkish 10-million lira note, with a broad silver band running through it, is far more distinguished, though the decline in the lira's fortunes may mean that it costs more than its face value to produce. …

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