Measuring the value and usefulness of a currency

[Dinner]

I think it's this bit that he's laughing at:

Yeah, the big mac index clearly shows some Euro Zone economies are less efficient then others.

[Dauphin]

Albie, are you aware that, for example, inflation can and does run at different rates in different parts of the same country, such as the US, even though the same currency and interest rates are being used in both parts?

[Dauphin]

And I'm not just saying that cos I'm drunk.

[OneFootInTheGrave]

but I bet the drink inflated your will to post.

[KrazyHorse]

He also claimed that there were strict "interest rate controls", which is ****ing hilarious.

Unless, of course, he meant strict controls in the sense that individual member states cannot possibly have any independent control of the short rate because they don't control the money supply.