Ptolemy’s theory of the universe held that the earth was at its centre. All other celestial objects – including the sun – rotated around it. It was, of course, nonsense. Aristarchus had more than 200 years earlier come up with a heliocentric model of the solar system. And much later Copernicus came along with his far superior system. Luckily, he died before anyone could be offended by his theory. Galileo, a supporter of Copernicanism, was not so fortunate, ending up under house arrest under suspicion of heresy.

Now, the eurozone is in danger of shifting towards a Ptolemaic system with Germany at its centre. Like Ptolemy’s theory, a German-centric eurozone may wilt under scrutiny. It requires economic adjustment by others to protect the interests of German taxpayers and voters. That, however, makes the system as a whole increasingly unstable.

Consider, for example, the need for the so-called peripheral nations to improve their competitiveness. What does this actually mean? Presumably, the likes of Italy and Spain would have to have inflation rates – both of prices and of wages – significantly below the eurozone average. That, in turn, would require countries such as Germany to accept inflation rates well above the average.