David McWilliams seems to have got it right. Euro is not for Ireland.
Actually, monetary union without political union is akin to abdication of economic common sense by states involved.
And even at a more basic level, monetary union is a clever way to create a seemingly strong currency to which subscribe the nations of not so strong economic strength..
Can we call it the subprime philosophy ?
The most jarring thing is that politicians love to promote such subprime thinking instead of solid reasoned economic policu.
A simple example...Hardly any national currency is backed by anything of any real-value.
http://www.davidmcwilliams.ie/2010/01/10/should-we-divorce-the-euro#comments
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