There may be rather personal reasons why Lord Mandelson is keen to talk up the Euro.

If you’ve been wondering why Mandy wants to show British confidence in the Euro, we may be able to offer you a clue here and there.

First off, to retain his European Union pension, Peter mustn’t criticise its institutions. The pension pays him £31,000-a-year (just enough to cover his wristwatch bill).

Second, continued good behavior will allow him to have this sum index-linked in perpetuity, should he by some misfortune reach 65. An annuity on this basis would cost the Lord of the Ring in excess of half a million quid on the open market.

Third, Manglesum will not get his EU contract pay-off of £230,000 (and a £15,000 relocation fee) if he commits the cardinal sin – to paraphrase Peter’s own syntax – he ‘talks the Euro down’.

I always find that it helps to work out the agenda these days, don’t you?