Euro Fantasies: Common Currency as Panacea

For nearly 50 years, Europe has been on a course of ever-widening and -deepening integration. For just as long, Germany has been building a reputation as the global champion of hard money to which the deutsche mark stands as its monument. The proposed monetary union to create a common currency in Europe joins these two strands: Europe gets German monetary integrity, and Germany blends into Europe. The Maastricht Treaty, concluded in December 1991, is the pre nuptial agreement for this marriage. However, on the way to union doubts loom larger than joy. Still in question are the benefits to be derived, the suitability …

View More on Foreign Affairs