Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
I don't think people like Jacques Delors were motivated by neoliberal conspiracies to force competition and "reform" on nation states (which is not to deny the existence of would-be such conspirators, or that economic liberals were not in favour of the single currency).
It's not a conspiracy, it's a Zeitgeist.
And I'm far from agreeing with you that "its implementation was left to a nomenklatura of Wall St-inspired rapists and headbangers". That description doesn't correspond to what I see of delusory French and pig-headed German elites, in 1992 or now.
Let's see who has been in charge:
  • 1993-1994 Delors III
  • 1995-1999 Santer Commission
  • 1999-2004 Prodi
  • 2004-2009 Barroso I
  • 2009-2014 Barroso II

The problem reall has been that in 2009, with the crisis already under way, Merkel decided a puppet at the Commission was a good thing. Things started to go pear-shaped at the turn of 2010 with the mishandling of the Greek crisis.
As for "the concept of a single currency", the fact is more that the area concerned didn't (doesn't) correspond to requirements, and it's rather difficult to conceive of a large area that does, absent a couple of centuries and a civil war to settle things down.
Forget about Mundell-Fleming "optimal currency areas". What you need is 10% of GDP in a federal budget, and commensurate fiscal transfers (say, a 10x expansion of cohesion funds). A country such as Germany with a current account surplus of 7% should be transferring 4% of its GDP.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Sun Nov 2nd, 2014 at 03:48:03 AM EST
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