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Re:'Single currency experiment has been a disaster' admits e... by toyg on Saturday August 27, 2016 @01:47PM (#12373354)
I think it's not all black and white, and there's actually a bit of both at play. Eurozone Countries now have no choice but to achieve increased levels of fiscal and political coordination. That process will inevitably produce friction, but this would have happened even without the currency. If anything, a heightened level of friction creates an urgency that would not otherwise be there.

If you are looking at it from a Brexit perspective, consider that shedding skeptic countries that never joined the Euro is a good thing in a federalist sense, since it makes it easier to achieve consensus in a smaller and more committed group.

In a way, losing Greece or Italy would have proven Friedman right, but the opposite happened: the Euro survived, Greece and Italy now are forced to drive their economy from a European perspective. De-facto political unity is happening, country by country.

Re:'Single currency experiment has been a disaster' admits e... by tonyedgecombe on Saturday August 27, 2016 @02:00PM (#12373405)
It's interesting that despite it's economic difficulties Greece doesn't seem want to leave the Euro.
Re:'Single currency experiment has been a disaster' admits e... by tim333 on Saturday August 27, 2016 @04:05PM (#12373929)
Greece leaving would be problematic as Greece owes a lot of euros. If they leave, Greeks earning devalued drachmas would probably default, causing the German banks they owe money to to fail and generally causing a lot of issues. I think they'd quite like to if it wasn't for such problems.
Re:'Single currency experiment has been a disaster' admits e... by tonyedgecombe on Saturday August 27, 2016 @04:46PM (#12374091)
I can't imagine the Greeks are too worried about what happens with the German banks, it seems far more likely they just don't trust their own government to run a fiscally sound monetary policy.
Re:'Single currency experiment has been a disaster' admits e... by toyg on Saturday August 27, 2016 @05:27PM (#12374261)
For southern countries, there is also an aspirational element. Knowing you are guaranteed the same rights and privileges as people living in Paris, Berlin or Stockholm is a powerful motivator -- if anything because you know that, should things become completely unsalvageable back home, you can always up sticks and leave to better-run countries.