Indulge me for a moment through a conjured journey of currency fancy. Let me set the scene for when rather than if an enlarged EU/EZ, investors are surprised by the birth of a brand-new fiat. A crown currency forged not for a European nation somehow magically created out of nowhere, but one blending those that have long existed, and even taking-in a euro defector.

Now, whilst I would not dare suggest the Nordic peoples are facsimiles, I have no hesitation in claiming their economies complement each other more than with those along ClubMed. To be clear, this is NOT about synergies in physiognomies, but sovereign economies.

No doubt many will claim Europe’s highly industrious chilly nations COMPLEMENT those with warm shorelines and sedentary climates. They could well point to a US whose singular currency spans north to south – cold Arctic to a warm water Gulf, and east to west – ocean to ocean; with, in between, a vast varied mass of economics. Whilst all this is perfectly true, few can doubt the US has seldom since 1865, seemed less United; a greenback never more abused by reckless debt excess, as manifest by an ever loftier gold price.

Let me return to Europe’s far north. Looking around Finland’s borders, we see Norway, not only outside the EZ, but sans the formal EU. There is Sweden and Denmark, which though formally within the EU, and with currencies managed close to the €, still have sovereign Crowns. Completing Team Nordic is non-EU Iceland, a nation which at barely 370,000 people, and a recent history of banking and credit failure, could well do with joining up alongside neighbours whose reputations and balance sheets are robust.