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Governments that could support living wages, renewable energy and full employment might concievably be elected, but if these countries are not of significant economic and political weight they are much less likely to be able to sustain these policies in the face of predictable sabotage by those remaining in the EMU. That is one major benefit of a Seuro union.

But they don't need a Seuro union to cooperate. If a couple of peripheral countries got their act together they could easily gum up the works in the EU.

Thinking about it, if they are in practise removed from the euro zone - but through ECBs grabbed power rather then any legal procedure - then I think they would retain their seats at the ECB Governing Council. And they would in any case have their seats in the Council of the European Union, which appoints - by a qualified majority - the executive board of the ECB.

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by A swedish kind of death on Fri Sep 20th, 2013 at 03:00:09 PM EST
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