No wonder Germany yearns for a return to the D-mark! Only Germany had control over it. Now sixteen other countries can make decisions about the common currency that Germany cannot control. Nations such as Greece can choose to outright abuse it according to German standards. They can spend more than they make many times over. They can convert their bonds to super junk. And the common currency takes a hit. Germans wish they didn’t use it.
Germany wishes it could make the other nations in the Euro Zone adopt its standards. But Italians are Italians, Greeks are Greeks, Portuguese are Portuguesse, Spaniards are Spaniards, and Irish are Itish. The only way it could succeed here would be to have a currency among same-thinking countries such as Germany, the Netherlands, Austria, Finland, etc. You might have an argument about whether to let France or Belgium in. But that would at least be a more manageable debate.
Money isn’t just money. It’s also culture and politics. Whether it’s viva la differance is a matter of opinion, but it won’t disappear with a flick of a wand or even a nod from Jean Claude Trichet.