"Currency unions switch exchange risk into default risk." writes Ambrose Evans-Pritchard, back...

|By:, SA News Editor

"Currency unions switch exchange risk into default risk." writes Ambrose Evans-Pritchard, back from sabbatical, and in a salty mood towards EU leadership for its war against the ratings agencies. Moody's, Fitch, and S&P messed up - not with the recent downgrades for which they're being excoriated - but because they "failed to signal the inherent dangers of EMU a long time ago."