There is a possibility that in a second phase such currencies could join a SEURO I suppose, but that could not be an immediate response to a crisis.

That would depend entirely on the desires of the first two members of a SEURO. An Itallian 5* led government and Greece could very well decide to set up such a SEURO just for the reasons I have indicated. That step alone might bring about a change in the attitudes of the German Government which could obviate the need - or not. But the very existence of such a union would be an existential threat to Germany's current dominant position - if Germany has the wits to see that and act on it.


"It is not necessary to have hope in order to persevere."