If maps were shaded like balance sheets, the bottom part of mainland Europe would be deepest red. Italy, Spain and Portugal are heavily in debt. They are also Catholic countries. Their predominantly Protestant neighbours to the north, including Germany and Scandinavia, are in comparatively good shape financially. Is that simply a coincidence, or is Max Weber's theory about the Protestant ethic being intertwined with the spirit of capitalism still valid, over 100 years on?

Dr Sascha Becker moved to Warwick University from Munich, where Weber finished his career as a sociologist. And his recent research leads him to suggest that religion is a factor in the budgetary discrepancies between the north and south of Europe. "There are plenty of other factors, too, and they're not easy to disentangle," concedes the deputy director of Warwick's Centre for Competitive Advantage in the Global Economy [Cage]. "But even data compiled as recently as 2000 suggests that Protestants generally are educated to a higher level than Catholics. They have a higher probability of going to university and finishing their course."

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