Jeffrey: Eurozone is an accident waiting to happen

Since inception, the euro area has been an accident in waiting. Moreover, it was at a turning point in the cycle that the initial skid was always likely to occur.

It is ironic the first test of the driving skills of those steering the eurozone has been provided by the most exaggerated economic bend any of us has experienced. Imagine you are driving a vehicle that has super-grip tyres on the driver’s side and illegally-bald tyres on the other. While the road worthiness of the car is dubious, with reasonable care you could keep it on the road, and even drive it around reasonably severe bends. One of the mechanisms that would allow you to do this is the differential – a part of the transmission, that, amongst other things, allows the wheels to rotat...