Less than six years ago, as euro notes and coins were launched, politicians sought to champion the new currency. “The euro could become a reserve currency with equal status to the dollar,” said Hans Eichel, then Germany’s finance minister.

Back then the euro was worth less than 90 US cents. This week, as the euro heads towards $1.50, lifted by speculation that the world’s central banks might cut links to the dollar and switch to its younger rival, Europe’s politicians might regret what they had once wished.