In recent interviews published in this journal, two distinguished American economists, Milton Friedman and Martin Feldstein, have both expressed their vehement opposition to the euro; both predict its failure and both recommend Britain to stay away from economic and monetary union. What is striking about these and other American pronouncements on the subject is the near unanimity of this negative view.

What is behind this US view? "The euro is bad for you", we are told, "a currency union cannot