Are we seeing a change in the EU direction? With individual fiscal policies and a budget system allowing countries to borrow above ability to repay when interest rates move up, the Monetary Union is asking for trouble and has done so for years. However the argument that growth rate and productivity are very different in different parts of the Union and therefore undermines a single currency is not necessarily right. In the US growth rate always has varied in different parts of the country without influencing on the dollar.

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