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In order for a common currency to be valuable in any way, you must have a common monetary policy, which practically means that every country should hand much mo
by atmosx 13y ago
In order for a common currency to be valuable in any way, you must have a common monetary policy, which practically means that every country should hand much more power to Brussels.
No one is willing to do so, so we ended up with a totally irrational scheme on which you have the ECB controlling the money flow, while politicians with different agendas throughout Europe act like they don't depend on each other.
Either we need to unite Europe, politically, or the EU project is doomed. There are any pro-Europeans left in the South, and being lazy or corrupted has nothing to do with this.
Germany might be the only country who really benefited from the Euro, boosting it's exports beyond what would be possible without the Euro expanding the credit level.
All others in the long run are doomed. No wonder the UK never gave in.
- nationcrafting 13y agoPlenty of countries have had common currencies throughout history without having a common fiscal policy (I'll assume you made a mistake when you wrote "common monetary policy", since monetary policy is the very thing you give up when you adopt a currency beyond your control). Many great empires, from the Duth republic to the British Empire, were built during periods when their government had no control over their currency.