The euro can’t work without deeper political integration. To some, that was a bug in the plan and they thought the EU shouldn’t move to a single currency until the dawn of some more integrated political future. But the theory that won the day was that the best way to drive future political integration was to march ahead with the Euro, then count on integration to arrive when the system proved unworkable. It’s a bit sick if you ask me, but it’s working:
Initiating a bold effort to strengthen the euro, Germany and France on Friday laid down far-reaching plans to deepen integration among the 17 nations that use the currency. The move prompted immediate opposition, but could lead to embryonic economic government for Europe.
The architects of the world.