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I have lifted this extract from a site - if correct, this means that the entire and massive misery suffered by a generation of unemployed young people in Southern Europe (including no doubt a number of suicides and other deaths) is directly due to the deliberate actions of Eurozealots - aided and abetted by venal and incompetent national politicians of course,who greedily troughed on EU money and took out vast unsecured loans, thereby building up enormous debt and allowing their banks to become as good as insolvent.

“Some of the politicians who introduced the euro, who pressed for it to be introduced, realized we would come to this crisis at some stage but they also realized that the crisis would take them further towards their goal, which was fiscal union as well, and creating a United States of Europe,” Mr. Jeffrey told listeners to Wake Up to Money on BBC Radio 5 Live on Monday.

“So in a sense the reaction of euro land to say what we need now is a tighter fiscal union is exactly what people wanted,” he added. “They knew some of the risks they were taking and knew there would be a crisis at some stage.”

Mr. Jeffrey’s argument takes us well beyond the idea that the politicians thought that political will alone could hold the euro zone together. It suggests they knew it wouldn’t. So I asked him if he meant that, and this was his reply:

“The point is that, if you were being logical, a common currency would be the last thing you introduced (after common fiscal policy, legal systems, market regulation, etc.) if you were trying to bring countries into some sort of political federation, since it would be a common currency and monetary policy that would expose all the tensions between economies.

“But the politicians reversed this argument, and saw the currency union as a forcing first step, since it would necessitate a more federal approach in other areas, such as fiscal policy, if it were to be successful.”

To back his case, Mr. Jeffrey quotes Romano Prodi in the Financial Times in 2001, when he was president of the European Commission:

“I am sure the euro will oblige us to introduce a new set of economic policy instruments. It is politically impossible to propose that now. But some day there will be a crisis and new instruments will be created.”

So, argues Mr. Jeffrey, a common currency was not the end game, but merely a step that required further euro-zone action; action that would eventually lead to the desired end: full political and economic union in a United States of Europe.