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Extraordinary items - Not so well read, Adair

“I think I have answered every possible question on European monetary union that anyone could think up,” said CBI supremo, the euro-friendly Adair Turner (right) at the industry chiefs’ annual jamboree. We assume that the FT quoted his comment correctly. If so, then we do have one more question, Mr Turner: “What does the ‘E’ stand for in Emu?”

We always thought it was economic and monetary union, not European monetary union. Pedantic? Maybe not. After all, many of those who are opposed to the introduction of a single currency are concerned that the business cycles, labour mobility, wage bargaining practices, housing markets and vulnerability to oil price shocks in economies as disparate as those of Italy, Holland and the UK are so divergent that monetary union will eventually be blown apart by economic dis-union. Any more questions?

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