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So why does establishing a SEuro fix it better?

By providing greater size and weight and thus more resilience to the pressures originating from the other monetary union and by being able to demonstrate the benefits of a Monetary Union run on lines designed to raise all member economies while providing some of those benefits to its members. If a group of nations are being pillaged and smothered by the strongest members of their present monetary union and are then likely to be ejected they would be better off to join together and preempt such ejection by leaving together. And, in the beginning, they are likely to very closely resemble an optimal currency area in the new union. But these benefits depend strongly on the new union being run and continuing to be run on the basis of the principles outlined above.      

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Sep 20th, 2013 at 08:20:03 PM EST
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