The euro’s demise may be the final chapter of the ERM debacle

The current eurozone crisis has some striking parallels with the UK’s debacle with the ERM back in 1992

“Today’s crisis is of course infinitely more complex, intractable and serious, but it shares many of the same characteristics. The central issue – that it is next to impossible to maintain a currency union with Germany unless wholly aligned to the German economic cycle – hasn’t changed.”

Jeremy Warner in today’s Telegraph