A euro parable: It all started with a joint bank account

Quote of the day: 'Eventually, the quartet decides that dinners will be even more fun, and the bank will give them an even better deal, if they expand the arrangement. So the siblings persuade a few cousins to join. Pretty soon, the phones are ringing off the hook with family members they have not seen in years.' A brilliant and insightful piece by Harvard University professor of economics Kenneth Rogoff in the FT today compares the eurozone to a young couple, testing out married life before taking the plunge.

by Rebecca Burn-Callander
Last Updated: 09 Oct 2013

The parable simplifies and explains how the eurozone reached its current predicament, and each country is represented by a different relative. Most hilarious is Rogoff's characterisation of Britain: 'Everyone is irritated by first cousin Nigel, who lives just across the river but insists of managing his own finances.'

Read the full euro parable here

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