If we can draw a salutary lesson from this scandal, it is that.

CNN: Penn State report is a warning to all of us

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

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