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Yet the majority of the comments here are on the charts, the metrics, the meta... ;)
But it is clear that the Eurozone is much less so, and I don't see how this would fail to be relevant.
My take is that the biggest problem is the lack of fiscal transfer, and (but they are linked) the political acrimony between countries.
In the US, despite the history of a civil war, a massive political chasm between the southern states and the rest, pretty much nobody (certainly from the states providing net support) is proposing ending major fiscal transfers. Contras that with the attitude of Germany, and much of the EPP, towards the periphery. I don't see that you could turn that into an OCA even with a single language and totally free movement of workers.
Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
we do use currencies
Indeed we do. But what examples are there of currencies that are not issued by sovereigns? The point about OCA theory is that it shows little interest in that. Mundell's theorising about it posited, one might think provocatively, that a nation state such as Canada might profitably be divided into two OCAs, East and West. This is not going as far as Hayek, (currency issued by private commercial concerns), but it is a neoliberal ploy to separate currency creation from sovereign nation states.
Whether it is workable or not depends on whether one thinks it possible for a non-sovereign to issue fiat currency. That is the experiment Europe is currently engaged in, and the outcome doesn't look too good. Building a single sovereign out of the multiple sovereigns of the EU should have been the horse before the cart. Instead of which, we have multiple sovereigns deprived of monetary and fiscal policy, and a non-sovereign attempting to enforce an OCA by means of "rules".
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