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The sooner the euro becomes merely a successful monetary arrangement, and not a political totem, the better.
It toys with high-spirited farce but also vigorously satirises the way marriage is viewed entirely as monetary arrangement.
Europe should convene a Bretton Woods-type conference to put in place an economic and monetary arrangement for the coming decades.
Yet European leaders quickly realized that the removal of capital controls and the free flow of investment across borders meant their existing monetary arrangement would be too decentralized for a continental financial market.
In the spring of 1943, at a debate in the House of Lords about the proposals for a new international monetary arrangement, Keynes noted that a country's high unemployment might be caused by excess saving in its trading partners.
In the altered circumstances in which Europe now finds itself, it is questionable whether Tony Blair should rush to commit the country irrevocably to a monetary arrangement cobbled up in the dying days of the cold war.
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But the monetary arrangements would be a big issue.
Labour services faded out, to be replaced by purely monetary arrangements between employers and employees.
The governor's remarks were not quite restricted to post-independence monetary arrangements.
The Bank of England would implement whatever monetary arrangements were put in place.
For smaller countries this means preparing to exit, for core countries it means accepting decisive changes to dysfunctional monetary arrangements.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com