The ideal common currency area?

Italy has been ranked 87th in a World Bank report on the ease of doing businesses in 183 countries, reports The Telegraph. That's below Albania, Moldova, the Solomon Islands and Zambia. It has slipped four places in a year. So much for the Berlusconi years.

The only EU country below Italy was Greece, which came in at 100th. The UK was 7th.

The ungovernable south of Italy, much of it in the grip of mafia groups, has been slipping back. In 1998 southern Italy’s per capita GDP was 89% higher than the EU’s 20 poorest regions; now it is just 14% higher.

Spain's constitution does not allow the new government to take power until mid-December.

Portugal’s former finance minister has warned that it could need a further €25bn to top up its €78bn rescue funds.

And European officials were still refusing to disburse to Athens the €8bn tranche of its bail-out money. Opposition leader Antonis Samaras is refusing to commit to the austerity package. The Dutch Finance Minister said future financial aid for Greece will be terminated if Mr. Samaras doesn't support the reforms in writing. Greece would run out of money in about twenty days.

The euro zone wants the leaders to commit that whoever wins power in scheduled elections in February will carry on with the reforms.

"There is a major issue of mistrust towards Greece," said the EU diplomat. "So the usual promises from Athens that have been repeatedly broken won't suffice."

Have the EU economies achieved the "convergence" that advocates of the euro predicted? Of course not.

So what might happen over the next ten years? Niall Ferguson takes an amusing look.