A hail of statistics and forecasts from the IMF and the European Central Bank (ECB) is confronting us with an undeniable truth – the economy is not recovering fast enough. Growth rates, though positive, are mediocre.

The creation of the euro was a purely political decision. There is nothing surprising about that - subjecting a population to a currency is a regalian right. In any case, a currency has to be backed by pledges of confidence that only the State can provide.

The unthinkable has happened – we are entering a period of negative interest rates. This startling situation began last year, when the ECB applied negative interest rates to the deposits that were placed with it.

If we still needed just one final proof that the eurozone has gone into deflation, in other words into a situation of falling prices and more or less zero growth, we now have it. On 5 June, the ECB may cut the interest rate on its deposits so much that they become negative.