The currency with a hole in it

The drama of the European single currency has had more than its fair share of theatrical twists and turns. The prize for the most spectacular transformation in the long-running Folies Maastricht must, however, be awarded to the quaintly named Stability and Growth Pact. This character entered Act 1 as a strutting hero, but now – several years into the plot – has been unmasked as the villain of the piece, destined shortly to be skewered behind an arras and then hauled off into oblivion.