Via the IEA blog, an interesting possible solution to the Eurozone’s woes by Editorial and Programme Director Philip Booth, obviously inspired by Hayek’s Denationalisation of Money (which I really must get round to reading). Money quote (no pun intended!):

We should have a simple constitutional change to remove the clause in the EU constitution that requires the euro to be the sole legal tender currency in eurozone countries. The euro would remain legal tender in all eurozone countries but they would be allowed to issue new sovereign currencies if they wished or could allow any other currency to be legal tender (for example, private currencies, gold-backed currencies or the dollar). The rapid practical effect is that Greece would reintroduce the drachma but the euro would remain legal tender.

Obviously this is too sensible an idea for the powers that be to consider…