Two, the Italian-German Bund debt spread has surged, as has Italy’s risk of sovereign default. The euro’s fall to its SNB’s floor against the Swiss franc at 1.20 is an ominous message of systemic risk. There is no way the ECB can begin quantitative tightening in September. A premature end to Dr Draghi’s asset purchase programme could literally trigger a Greek-style sovereign debt crisis – only on a far bigger scale. Italy has the third-largest bond market in the world. If Italy goes bad, Planet Forex will script the requiem for the euro and the dream born in the Treaty of Rome. The safe-haven bid in the US dollar has only just begun.