By Jeremy Warner – Virtually all successful currency unions start with political union, and then proceed through shared insurance, institutions, and fiscal arrangements to a common form of exchange.
Europe, it hardly needs saying, is trying to do it the other way round; it has forced monetary union on an unsuspecting public, and now, via the resulting financial crisis, hopes to bulldoze through the shared fiscal and political arrangements that might eventually make it work, culminating ultimately in a United States of Europe.
The arrogance of political leaders who think they know better may have been tolerable as long as Europe was growing. But today they deliver only economic ruin, making their position, and the legitimacy of the EU project, ever more vulnerable. more> http://tinyurl.com/k8lnfh4