It is a strange thing that any group of nations should wish at this time to emulate the most immediately newsworthy precedent of having established a regional monetary union.
Without mentioning names, it would seem that establishing a single currency across a set of neighbouring and even relatively like-minded countries essentially requires political union, preferably in advance.
Otherwise, those who prosper in this type of arrangement will be expected to prop up those who succumb to its pressures, and— since the system has an inherent rigidity which inhibits compensating adjustments — indefinitely so.
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