The objections from economists stating flatly that the Euro will never be anywhere near an "optimal currency zone" fell on flat ears then? Another indictment of sociological research: no objective criteria to determine utility as laboratory experimentation is impossible. Far too easy for political "leaders" to pick and choose which doctrine and studies fit their ends.
So now, after years of people warning against the viability of the Euro and the EU (myself included, of course), they are publicly admitting (for political gain of course; they mistakenly think the EU members are far too heavily invested in the process to consider obliterating Maastricht.) weakness.
European Union Sees Threats to the Euro
Late last year, it became fashionable to predict the dollar's demise.
This year, however, shaky state finances within the European common
currency zone have many worried about the future of the euro. Even the
EU thinks the monetary union could be in danger.
It wasn't all that long ago when pundits were predicting the downfall
of the dollar. A quick glance at the US currency's exchange rate with
the euro seemed to back up such fears. The euro cost over $1.50 at the
beginning of December, and with the US government continuing to pump
massive amounts of money into its economy, one can forgive casual
observers for having assumed the trend might continue.
Just a month and a half later, however, the euro stands at $1.41 and
many analysts are now warning that it may be in for a long slide. Some
are even concerned that the cohesiveness of the euro zone might be
endangered altogether -- with the European Union itself chief among
According to an internal EU report produced by the Directorate General
for Economic and Financial Affairs (DG ECFIN), which has been seen by
SPIEGEL, the differing competitiveness among euro zone countries is "a
cause of serious concern for the euro area as a whole.