Since the Maastricht Treaty (1993), the euro became the core of the construction of a European economic government. However, the idea of sharing a "unique currency" between different states with different economies represented since the beginning an intrinsic error which could only should be pointed by the crisis we are currently living. We can compare that situation like a sprint which oppose the disabled with professionals as Usain Bolt. It is clear that if the euro is consistent with macroeconomic fundamentals in Germany, it is far to measure accurately the Greek, Portuguese or Spanish economy. It is now clear that the english euroscepticism in this report may be finally justified.
If some european economies can not wisely use the euro in the exercise of monetary power, should we return to national currencies?
It might be premature to make a sharp turn to the legacy currencies. On the contrary, it would be desirable to keep the euro as the "European currency" rather than "unique currency". In fact, the euro would become a kind of reference currency which float around the national currencies, as was the case between 1 January 1999 and December 31, 2001. This would facilitate currency adjustments...
"But, There are the stability pact as collateral to settle the issue of deficits" some will object, only, it is clear now that the crisis of 09/15/2008 has made it a chimera.
In summary, the configuration of subsets economic monetary independence remains the most efficient model.
Moreover, the debt crisis in the European area does not bode a comfortable future for the franc area in general and particularly for the CFA area. We wonder whether France, which through his public treasure still supports that currency, should continue to do so even when it is losing its triple-A few days ago?
Perhaps, the europeans have created the euro to stop the hegemony of the dollar, but a single european currency cannot get better without an european government...