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Monetary union means the loss of sovereignty, because the state is no longer definitionally solvent and can thus not engage in a number of tasks conventionally considered a requirement for sovereignty (such as domestic macroeconomic planning).
As well as

  • deposit insurance for banks
  • granting limited liability to businesses
  • disaster relief
  • access to health care
  • access to education
  • access to legal redress
  • public safety
In other words, monetary union leads to failed states. Greece, for instance, wasn't one three years ago and may well be one a year from now.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Apr 11th, 2012 at 02:03:05 AM EST
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