Trotting out a now all-too-familiar line over the weekend, Mario Draghi, president of the European Central Bank, said nobody should underestimate the political will behind saving the euro, or the support the single currency continues to command among the general public. Monetary Union, he declared, was “irreversible”, as if merely to repeat the assertion is to make it so. This is the sort of pretence that policymakers feel obliged to indulge in at times of crisis – it would indeed be unimaginable for the president of the ECB to say anything else – but looking at the evidence around him, it seems somewhat unlikely ... (full story)