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2011-10-17

European politicians completely failed to grapple with the essential logic of monetary union. - Telegraph

To eliminate the monetary independence of 17 sovereign countries and create a major new world currency is a pretty big undertaking.

It would be well, you might reasonably think, to take special care to do it properly.

Nevertheless, it was arrogantly assumed that political will would overcome all problems.

Moreover, although there was political will aplenty, it wasn’t at all clear what was willed. For no one was ever asked to sign up to the whole caboodle.

What was on offer was always monetary union lite.

The fabled political will was more like political wishful thinking. European politicians completely failed to grapple with the essential logic of monetary union.

Unravelling an economy with an interlinked crisis - Telegraph

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