The Single Currency

The click of worry beads was the loudest sound in many shops across Greece last week, as consumers staged a 24-hour shoppers' boycott. Like others in the euro zone, Greek consumers are irate about the rising prices that accompanied the launch of the single currency. Merchants are accused of rounding prices up, and talk of the weather is being displaced by anecdotes about how cups of coffee have doubled in price. Some moaning is justified: in Greece, studies show, the price of an average "basket" of goods has risen 10%, and surveys in France and Italy find similar increases. According to...