Dog has his day
'SADNESS and misery' (Mr Roche writes) 'are the lot of the currency speculator, who is reviled by all, and even governments don't seem to be enjoying their post-ERM freedom much. It's no shock that the guys not in power are being blamed for the end of the ERM by those that are. But it's not the Anglo-Saxon speculators who misman- aged Europe's economies, after the cost of German unification made it obvious that if the Germans didn't leave the system it would blow up. It's not the Anglo-Saxon speculators who drove European economies into the worst recession since the war, or created the worst banking crisis since the Great Depression in parts of Europe, or can be blamed for the 17 mil- lion people (10 per cent of the working population) out of work in western Europe. No, it's the currency investors, neither spec- ulators nor only Anglo-Saxons, the people who run your pension fund and mine, or run your company and mine, who finally said: Europe must have jobs, and there'll be no jobs and no European integration with- out growth and there'll be neither without lower interest rates.' You can quite see how this gets up the noses of people in high office all over Europe who thought they knew better.
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