It was an inauspicious week for the group set up to police the euro. Europol, which has a brief to fight money-laundering and counterfeiting linked to the introduction of euro notes and coins next January, found itself in the headlines for all the wrong reasons.

One of its own officers was nicked in connection with fraud and financial irregularities. It seems the French officer attached to Europol's IT department is answering questions about the transfer of €100,000 (£78,800) from the police force's budget into an offshore bank account he held in the tax haven of Bermuda.

The only consolation for central banks preparing for the introduction of the currency in physical form is that the officer's dodgy dealings were uncovered internally. His bosses then lifted his diplomatic immunity and informed the local Dutch police, who swooped.

That the first euro fraudster may well turn out to be one of its guardians won't ease the red faces. .