17/06/2005 12:47:00 pm
Couldn′t Have Said It Better Myself:

"The great hope of enthusiasts for Europe′s single currency, as for its single market, was that it would unleash pressures that would force its members to reform their sclerotic economies to make them more flexible and competitive. The single market and the euro duly unleashed such pressures: but the core EU countries, especially France, Germany and Italy, have responded by resisting the reforms they made necessary. If euro-area governments now feel they need to restore confidence in their currency,as in the broader European project, they must find the courage to follow that course of economic reform."

The Economist in a leader on June 11th