But intervention works best when central banks co-ordinate their purchases, and which country is going to help another to devalue?

ECONOMIST: Buttonwood

He told Britain's Daily Telegraph that the lack of central powers to co-ordinate economic policies allowed some members to run up unsustainable debt.

BBC: Jacques Delors: Euro was flawed from beginning

The ECB will co-ordinate a network of national central banks, the European System of Central Banks.

BBC: EMU fast facts

He argues that with all the new initiatives pouring forth from the centre there is a greater need than ever for local councils to co-ordinate their responses with local business partners as well as central government.

ECONOMIST: Education