Euro Membership: A Sure Way for a Country Economic Demise?

Euro Membership: A Sure Way for a Country Economic Demise?

What on earth ever persuaded the Mediterranean members of the European Union to join the euro? The ?single European currency? is currently used by sixteen of the twenty-seven EU countries, but all the others except Denmark and the United Kingdom have expressed their intention to join, and most of them have specific target dates for doing it. Yet the euro nearly came undone last year, and it is still in serious danger for the long term.
?All the principles of the currency union have been sacrificed... All the stability rules are being broken to save the euro?, wrote the voice of German conservatism, the Frankfurter Allgemeine Zeitung, after massive EU bail-outs last year.
?How can that work out well? This presages... the failure of monetary union?.
The EU and the IMF have been called to rescue the economies of Greece, Portugal and Ireland, and Spain may be next in line, although the Spaniards say they won?t need any external funds

Source: Euro Membership: A Sure Way for a Country Economic Demise?