Stability and Prosperity in Monetary Union
There is a common misconception that the eurozone is a monetary union without a political union. In fact, monetary union is possible only because of the substantial integration already achieved among European Union countries – and sharing a single currency deepens that integration.
FRANKFURT – There is a common misconception that the euro area is a monetary union without a political union. But this reflects a deep misunderstanding of what monetary union means. Monetary union is possible only because of the substantial integration already achieved among European Union countries – and sharing a single currency deepens that integration.