Germany’s agony
From our UK edition
When George Osborne attended his first meeting of European finance ministers on Tuesday, he may well have felt a pang of pity for his Continental colleagues. True, Britain has the worst deficit and the most rampant inflation in Western Europe. True, Mr Osborne may have been outmanoeuvred over the regulation of hedge funds. But the Chancellor has a trump card: the pound sterling. When it tumbles, we can export our way back to growth. When Greece implodes, we can maintain a studied distance. All things considered, it could be worse. We could be Germany. Germany’s dire situation today offers the most eloquent of all arguments against the concept of a single currency.