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This growth was made possible almost entirely by foreign direct investment. As a result, many national economies in eastern Europe collapsed when foreign investment suddenly stopped following the eruption of the global financial crisis. The EBRD expects that in the coming months the current outflow of capital from the east back to western banks will continue.

The ERBD now declares that eastern Europe must shed its “dependence on foreign currencies,” although it played a major role in promoting just such a policy.

Previously, the distinctive mark of social democracy was the belief that it is the duty of a community to protect all its members against the powerful forces that they are unable to resist as individuals.

After months of negotiations, the agreed package now demands only "appropriate, proportionate and necessary" measures can be taken to enforce copyright. There must be a possibility of judicial review for those disconnected, but not automatic court oversight.

Is it constitutional for a public authority to offer different standards of public service in return for premiums? Fifty years ago it might well have been doubted. But the postwar notion that the state provided service according to need, and that if queues formed they were not to be jumped, has given way to an entrepreneurial model in which, subject to a safety net at one level or another, you pay for what you get and you get what you pay for.

But just look at the differences between the area’s member-states.  The German debt would be 40 per cent of GDP, the Dutch debt 37 per cent, the Finnish debt 12 per cent.  But the Greek debt would be 150 per cent, the Irish debt 126 per cent and the Portuguese debt 89 per cent.