The euro’s main political effect is to drive a wedge through the EU, something not yet fully understood by the bloc’s policy establishment. The vast majority of insiders still treat it as a regulatory organisation at its heart, rather than as a macroeconomic union.Wolfgang Münchau in today’s FT
Props to Münchau for putting so succinctly a sentiment I’ve had for a while. I’ve had a niggling feeling that the damage being done by the euro-effort is not just to the euro-members but to the EU.
How ironic that the guardians of the euro (and self-declared guardians of Europe) might dissemble the very body they claim to be protecting. I personally don’t think there can be an EU and a euro-zone with non-perfectly-overlapping memberships.