Has Christine Lagarde just let slip the truth about the euro?

Ursula von der Leyen dispensing vaccines, with a halo over her head perhaps? Emmanuel Macron riding a tank to symbolise the continent’s strategic autonomy? Or various commissioners whose names no one can quite remember setting carbon targets, fining Google and Apple, and dishing out grants for roads, bridges and tunnels? 

It remains to be seen just what the European Central Bank comes up with for its planned re-design of the euro banknotes. One point is perfectly clear, however: the makeover will reveal the currency’s true colours as a vehicle for European integration rather than an effective instrument of economic policy.

With the recovery from the pandemic, zero interest rates, mounting government debt, and inflation above five per cent, you might think the ECB had more important stuff to worry about than the design of its notes.