See the sparks
STILL, if that gives her trouble, it is noth- ing to the trouble facing Europe's new cen- tral bank. There it is, all ready (well, nearly ready) to roll out a brand-new currency which was meant to take on the world, and suddenly it fords that the rules have changed. They specified that it should be a fountain of pure monetary wisdom and virtue, undefiled by political pressure so that its directors need never admit which way they had voted and why. Now it finds Europe full of governments that want to tell it just what to do and why. Bring down interest rates, say the Germans. Hand over the bank's spare reserves, the Italians say. Let's all borrow and spend more, the French say. We all promised not to? It was a condition for being allowed to sign up for the single currency? That was then, this is now. See the sparks fly.
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