The question about France is: should it be part of the NEURO or the SEURO? Economically, it should be part of the NEURO. Politically, it is impossible: any political party or leader proposing to join the SEURO would be disavowed by the voters.

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet

I think this may be the point that ARGeezer, from his redoubt in deepest, darkest, Trumpian USA, is missing: the almost complete ideological capture of financial elites in almost all EZ countries.  They all want to be like Germany, all want a STRONG currency, are dismissive of Keynesian economics, and simply can't do arithmetic.

They won't create or join a Seuro because that would be like admitting you are a second class citizen incapable of standing on your own two feet.  That is why they won't even really challenge Germany on the ECB Board where they have a majority.  They BELIEVE in austerity, want to emulate Merkel, and like being whipped into line by a dominatrix style Eurogroup.  Austerity is their sexual gratification mode...

Index of Frank's Diaries