Apparently the United States had the GREATEST growth at a period it had no central bank(19th Century). Now in the 21st century Hong Kong has had the greatest growth at a time it has had no central bank too.

But Mrs Merkel has so far rebuffed all proposals to help relieve Spain and Italy from the jump in their borrowing costs and has resisted allowing the European Central Bank (ECB) to step up buying of peripheral sovereign debt.

This, according to billionaire investor George Soros, poses a threat to the region's stability and threatens to turn a summit of leaders on June 28 in a 'fiasco'.

'Even if a fatal accident can be avoided, the division between creditor and debtor countries will be reinforced and the "periphery" countries will have no chance to regain competitiveness because the playing field is tilted against them,' he said in a Financial Times editorial today.

In an interview with RT, he added: 'Merkel has emerged as a strong leader. Unfortunately, she has been leading Europe in the wrong direction.'