There has been speculation recently that some of the eurozone countries, those who have replaced their national currencies with the European currency or '€uro', may contemplate reverting back to their former national currencies. An Italian minister has called openly for a referendum on abandoning the project, while there have been rumours about the German finance minister harbouring similar views more privately.

Follow up:

With the rejection of the European Constitution by France, the value Euro fell to an 8-month low earlier this week, although has recovered very slightly as the heavy selling seems to have paused for now as speculators await payroll figures released later today in the US.

On Friday, Italian welfare minister Roberto Maroni said that Italy should consider reintroducing the Lira, calling the Euro a 'disaster' that had "proved inadequate in the face of the economic slowdown, the loss of competitiveness and the job crisis." Reintroduction of the Lira, he argues, would give the Italian government more leverage to control the exchange rate and defend Italian industry from foreign competition. He even cited the UK as an example of a country that had prospered by maintaining control over its own currency... shucks!

There were also rumours last week that the German finance minister and central bank governor had discussed the possible failure of the whole European monetary project. The minister later dismissed these claims as 'absurd' and 'complete nonsense'. I have to stress that these are only rumours from a magazine and could be complete rubbish - but at the same time, would you expect the minister to admit it and further weaken confidence in the already foundering Euro?

Aren't we all glad that Britain stayed away from this experiment now? All those who rubbished warnings that the economies of Britain, Germany, Portugal and France were too different for a single interest rate as petty jingoism - aren't you glad of 'Little Englanders' now?

Perhaps if and when the Euro fails, we could invite the Irish Republic to rejoin the Great British Pound and therefore put an end to the whinging of republicans about having to change their currency when they cross the border.