It’s easy to blame Greece and its incontinent cousins for their over-spending – and certainly Athens is guilty of fiddling its fiscal figures and failing to collect taxes. But its twin deficits are also a consequence of the low interest rates which were largely determined by the way Germany ran its economy. The euro project was supposed to bring productivity across the Continent to similar levels. You would expect the same bang for your euro whether you were spending it in Athens or Berlin. A single currency area cannot hope to survive unless this law of economic gravity is obeyed –unless what it is really is a ... (full story)