Equally, if the prime minister wants to draw a lesson from an unedifying episode, it should be that too much leash is being given to freebooting ministerial acolytes.

ECONOMIST: Rumour, tittle-tattle and gossip

While doing his best today to draw a line between Jews and Zionists, he seems to have missed a history lesson from a true and honorable freedom fighter whose birthday Americans celebrated on Monday.

FORBES: There He Goes Again: Egypt's Morsi Stuns U.S. Senators In Meeting With 'Jews-Control-Media' Slur

Even so, it is likely to draw the same lesson from this crisis as it did from the ERM expulsion in 1992: that devaluation is a good thing.

ECONOMIST: The financial crisis has made the euro look more alluring