The fundamental flaw in the EMU is that it is not designed in a manner that allows each government to sufficiently protect its citizens in times of crisis. The allure of joining the euro was greater economic stability, price stability, potentially lower interest rates, cost savings and ultimately a higher standard of living for all involved. Unfortunately, the single currency system has been exposed as being a great boon to growth and a great disaster in fending off depression. A single currency system gives a government no ability to defend itself from outside threats.
Ceding monetary sovereignty gives you no ability to protect yourself from crisis. This is not to imply that a nation that acts irresponsibly should not suffer at all. But what use is a government that merely allows depression to be imposed on all of its citizens – even those who behaved prudently when others did not? Here in the USA we are firing teachers and firefighters because bankers speculated on real estate. Why should a child lose his/her teacher because of a mistake that a banker makes? From a societal perspective that should never be acceptable.
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INTERNATIONAL BUSINESS MACHINES (IBM) INTERDIGITAL COMMUNICATIONS INTEL INSIGHT ENTERPRISES INGRAM MICRO
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