The euro: Thinking the unthinkable (again)

It is in the nature of modern Europe that by far the most likely outcome from this crisis is that a lasting political compromise will be reached and the euro will continue on in its current form (albeit viewed somewhat differently than before). Not only do we find it difficult to imagine how a nation could disentangle itself from the single currency (unscrambling the omelette) but we also take seriously the fact the Maastricht Treaty envisioned entry into the euro as being irrevocable – a point