Critics of European monetary integration often point out that, in the absence of political union, monetary union is doomed to fail. I agree with the critics’ conclusion, but not with their premise, for the success of the single currency so far has been due precisely to the political commitments of the Union’s member countries.
Critics of European monetary integration often point out that, in the absence of political union, monetary union is doomed to fail. I agree with the critics’ conclusion, but not with their premise, for the success of the single currency so far has been due precisely to the political commitments of the Union’s member countries.